Data from blockchain analysis platform, Blockchain.com, shows that the Bitcoin hashrate has hit an all-time-high. According to the platform and other publicly available data, the BTC hashrate hit a high of 266 exahashes/second (EH/s) on June 8, before dropping to 219 EH/s the following day.
This is the highest hashrate that miners on the network have attained so far. On May 16, the network attained a hashrate of 255 EH/s, an all-time high value at that time. It is instructive to know that the hashrate is the number of times that miners in the network attempt to solve cryptographic functions that are necessary for the network to be maintained and secured. It is a reflection of what miners are contributing in terms of computing power to process transactions on the network.
New Highs in 2022
Since the beginning of 2022, the Bitcoin hashrate has spiked remarkably a number of times. On January 13, Bitcoin hashrate rose to 208 EH/s, the first time it made it above the 200 EH/s mark. On January 13, it made it to a higher value of 217 EH/s. It wasn’t until February 12 before Bitcoin hashrate made it up to 248 EH/s.
May 16 saw the hashrate of Bitcoin rise again to 255 EH/s. The network’s hashrate is important to miners in determining how profitable business has been. Mining machines do not have the same capacity, so a miner would have to know the capacity of their machine to determine how profitable their business is.
Hashrate Increases With Advancement of Machines
Also, as more advanced mining machines are manufactured, the Bitcoin hashrate will keep increasing because that is how the cryptocurrency code was designed to work. A specific number of bitcoins is mined within a specified period of time so as the machine efficiency is enhanced, the hash rate will increase.
Bitcoin hashrate has mostly cumulatively moved in the upward direction on the chart. It may fall briefly before spiking again. On the 7-day chart, the most noticeable decline in the value of hashrate was between June and July of 2021, when the 7-day average fell from 140 EH/s on June 11 to 86 EH/s on July 4.