Bitcoin’s Computational Power Hits 609 EH/s, Marking a Year of Remarkable Growth

Bitcoin’s computational power reached unprecedented levels, hitting 609 exahash per second (EH/s) on February 8, 2024, based on the seven-day simple moving average (SMA).

This surge aligns with Bitcoin’s market value crossing the $45,000 mark. Over the past year, Bitcoin’s hashrate has remarkably increased by 332 quintillion hashes per second. Miners faced a 7.33% increase in mining difficulty on February 2, 2024, with the next adjustment expected on February 15. With block intervals trending quicker than the standard ten-minute target, an impending difficulty hike of 5.3% to 10.3% is anticipated.

Presently, approximately 54 mining entities are actively mining BTC, with Foundry USA leading with 30.79% of the total hashrate. The surge in hashrate can be attributed to rising BTC prices and the introduction of more efficient mining rigs with higher terahash outputs and lower energy consumption. Publicly listed mining companies have invested in these advanced rigs, expanding their sites to boost capacity. The ascent in Bitcoin’s hashrate signals a robust and evolving mining landscape driven by technological advancements and strategic investments.

Clever Robot News Desk 11^th February 2024