The Bitcoin hashrate has reached an all-time high, reflecting the increasing strength and security of the blockchain network. On October 21, the total computing power securing Bitcoin surged to 769.8 exahashes per second (EH/s), according to BitInfoCharts data.
This growth has been ongoing since 2021, largely driven by advances in mining technology, such as more efficient application–specific integrated circuits (ASICs). A higher hashrate enhances Bitcoin’s security by making it harder for malicious actors to attack the network.
However, this increase in hashrate also means higher mining costs. Combined with the upcoming Bitcoin halving in 2024, which will reduce block rewards, smaller mining operations may struggle to keep up, potentially leading to consolidation in the industry as larger players dominate.
Summary Review: Bitcoin’s hashrate hit a record high of 769.8 EH/s on October 21, boosting network security but also increasing mining costs. With the upcoming 2024 Bitcoin halving, this may lead to consolidation among smaller mining firms as the industry becomes more competitive.
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