skip to Main Content
bitcoin
Bitcoin (BTC) $ 98,166.30 4.38%
ethereum
Ethereum (ETH) $ 3,477.54 2.39%
tether
Tether (USDT) $ 1.00 0.12%
xrp
XRP (XRP) $ 2.28 2.20%
bnb
BNB (BNB) $ 707.22 3.54%
solana
Solana (SOL) $ 196.09 2.18%
dogecoin
Dogecoin (DOGE) $ 0.330916 3.48%
usd-coin
USDC (USDC) $ 1.00 0.09%
staked-ether
Lido Staked Ether (STETH) $ 3,474.57 2.42%
cardano
Cardano (ADA) $ 0.914431 2.03%

Bitcoin Hash Rate Recovers to New All-Time Highs

After a brief slowdown in May, the Bitcoin network’s hash rate has rebounded to new all-time highs. In total, miners are now producing an average of 258 exahashes per second (EH/s), per day.

  • According to public hash rate data, the average daily hash rate has spiked by 4.41% in the past 24 hours alone. Just one week ago, the hash rate dwelled as low as 188 EH/s – in other words, 188 quintillion hashes.
  • The previous hash rate record was set on May 2nd at 251 EH/s, after which it began to drop off. The fall coincided with May’s crypto market crash that saw hundreds of billions of dollars wiped off the market, and a top ten cryptocurrency crumble to worthlessness.
  • Price and hash rate share a logical connection. As Bitcoin’s price falls, Bitcoin miners are less incentivized to consume the energy required to produce hashes.
  • Hashes are independent guess answers to the cryptographic problem required to create each Bitcoin block. When a correct hash is found and a block is created, the “miner” earns a reward of 6.25 Bitcoin, and collects the block’s transaction fees.
  • As the hash rate increases, Bitcoin’s difficulty algorithm rises so that each block takes approximately 10 minutes to mine.
  • This process for creating blocks follows a consensus mechanism called “proof of work,” due to the energy or “work” that goes into securing the network.
  • Ethereum also operates by this method, but is planning to transition to a mechanism called “proof of stake”. This will theoretically reduce the network’s energy footprint, and increase scalability.
  • Bitcoin currently consumes an estimated 125 terawatt-hours of electricity each year, according to Cambridge’s index. That’s vastly more than any other crypto network – and even some countries, such as Finland.
Loading data ...
Comparison
View chart compare
View table compare
Back To Top