Bitcoin (BTC) recently achieved a historic milestone by surpassing a hashrate of 1 zetahash per second for the first time, as reported by CoinWarz. This significant achievement, occurring on January 2 at approximately 02:00 UTC, indicates a new level of security and resilience for the blockchain network.
Mining Revenues Fluctuate but Remain Strong
The Bitcoin block reward halving event in April 2024 led to a substantial decline in mining revenues. Prior to the halving, mining revenues were around $2 billion in March; by September, this figure plummeted to $815 million. This drastic drop put many miners under financial strain, resulting in a decrease in hashrate to 521 EH/s by July.
However, the hashrate quickly rebounded, reaching 844 EH/s by October 21 and continuing to rise to record levels throughout the year. This increase in hashrate is valuable as it signifies enhanced transaction security and resilience for the Bitcoin network.
Hashrate Increase Reflected in Mining Difficulty
The rise in hashrate has inevitably impacted mining difficulty, which recently reached a new record of 109.78 trillion. The next difficulty adjustment, set for January 12, is expected to exceed this level at 111 EH/s.
Research indicates a direct correlation between hashrate and Bitcoin’s price. In December, Bitcoin’s price first surpassed $100,000, currently trading above the $96,000 threshold.
The record hashrate for Bitcoin continues to resonate widely within both the mining sector and the cryptocurrency market.
