Bitcoin Hashrate Hits All-Time High of 491 EH/s, Close to Half a Zettahash, as Network Prepares for Next Difficulty Change – Mining Bitcoin News

While Bitcoin’s next difficulty change is just two days away, the network’s hashrate soared to unprecedented heights, reaching 491.15 exahash per second (EH/s) on May 2, 2023, at block height 787,895. This staggering amount of computational power came tantalizingly close to a half a zettahash or five hundred quintillion hashes per second.

Bitcoin’s hash rate rises to unprecedented heights, reaching almost half a zettahash

On the second day of May 2023, Bitcoin’s hash rate achieved a remarkable feat, hitting a new record at block height 787,895. In a stunning display of computational power, the network reached a 24-hour high of approximately 491.15 EH/s. This significant increase in hash rate comes at a time when the network has recorded an average of approximately 344.4 EH/s over the last 2016 blocks, with the hash rate falling below the 300 EH/s range on five separate occasions since April 2, 2023.

However, the month of April has seen slower blocking intervals, with blocking times consistently exceeding the ten-minute average over the 30-day period. The consequences of Bitcoin’s slower block times have been significant, leading to a notable backup in the mempool. As of 8:30 AM Eastern Time on May 2nd, data shows that a staggering 240,000+ transactions remain unconfirmed.

The latest increase in hash rate follows an earlier milestone achieved on April 18, 2023, when the network tapped 440.80 EH/s at block height 786,013. However, Bitcoin’s current all-time high of 491.15 EH/s is even more impressive, and terrifying close to half a zettahash. To put this into perspective, a zettahash represents an astronomical number of hashes, equivalent to one sextillion hashes per second.

In a recent report from Bitcoin.com News, research analyst Sam Wouters of River Financial made a bold prediction that Bitcoin may enter the zettahash era in two years. Wouters’ estimates suggest that “at the current growth rate in 2023, we will reach a Zettahash by the end of 2025.” Despite the network’s rapid all-time high in hashrate, block times continue to lag behind the ten-minute average, and a downward adjustment in difficulty between 1.22% to 2% is expected.

At the time of writing, Foundry USA reigns as the top mining pool, with 107.66 EH/s or 31.17% of Bitcoin’s total hash power. Foundry is closely followed by Antpool with 80.75 EH/s, F2pool’s 42.62 EH/s, Binance Pool’s 29.91 EH/s, and Viabtc’s 23.18 EH/s.

What are your thoughts on Bitcoin’s skyrocketing hashrate and the predicted entry into the zettahash era? Share your opinions in the comments section below.

Jamie Redman

Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.