New historical record for Bitcoin hashrate
Today, for the first time in history, Bitcoin’s hashrate passed 300 Ehash/s.
This was revealed by CoinWarzeven if it is only an estimate.
It is actually impossible to accurately calculate the Bitcoin mining hashrate globally, but it is possible to estimate it using difficulty and average block time as reference points.
Hashrate of Bitcoin mining reaches a new record high
Although there are many different estimates, there are several who claim that today, for the first time in the entire history of Bitcoin, there was a peak hourly hashrate over 300 Ehash/s.
Already between 1 and 2 October there had been peaks of over 295 Ehash/s, but never in history had it been estimated that even 300 had been exceeded.
It is worth noting that it has now been since August 19th that the average Bitcoin mining hash rate has continued to rise, well over 257 Ehash/s from the previous all-time high.
Taking daily estimates instead of hourly, from 253 Ehash/s on June 8th it had dropped to 170 on July 14th and was then at 182 as of August 18th.
The strange thing is that on August 19, there was a sharp drop in the value of BTC, which went from $23,000 to $21,000 in a single day, marking the beginning of the difficult period that continues to this day.
Nevertheless, despite the drop and the beginning of a long phase of downward lateralization, on August 19th the hashrate rose to 228 Ehash/s, and then rose to 264 Ehash/s on September 4th.
As many as four daily peaks have occurred since then, the most recent of which occurred yesterday.
Hashrate estimation does not give consistent results, so over the last month it has varied from 200 to 270, with today’s hourly peak above 300 Ehash/s.
Taking the daily average shows that during September it remained fairly constant, while it had increased considerably during the last two weeks of August.
A new increase started on 1 October, with as many as three new all-time highs are set in just five days.
The relationship between the hash rate and the price of BTC
However, since the value of BTC does not increase, and miner income is in Bitcoin and more or less fixed, an increase in hashrate also means an increase in the competitiveness of the industry, resulting in reduced profitability. Not least because an increase in hash rate often also means an increase in the costs of hash mining.
Bitcoin mining profitability has fallen to its lowest since October 2020, which is just before the Great Bull Run of 2021 was triggered.
Suffice it to say that in May, after the implosion of the Terra ecosystem, the average profitability of Bitcoin mining was still hovering around $0.118 per day per Thash/s, while it has now fallen to $0.07.
At the beginning of the year it was at $0.253, while by the end of April it had fallen to $0.170.
Such low profitability seems to indicate that Bitcoin miners at this point are not mining to immediately sell the BTC they earn, but more likely mining it to store it for better times. Indeed, given this dynamic, there are those who believe it is possible another bull run is about to be triggered.
