Bitcoin’s computational power has recorded an uptick in the past day, surging close to previous levels — a trend that is viewed as a net positive for miners. As the higher hash rate boosts the blockchain’s security and robustness, miners benefit from increased profits.
On July 27, Bitcoin’s hashrate breezed past 942.96 exahashes per second (EH/s), trailing its record high by just over 3 EH/s. For context, a high hash rate connotes that a lot of computing power is being used to mine Bitcoin, which usually happens when mining is profitable.
Over the past month, mining earnings have been more stable, thus attracting more miners and pushing the hashrate close to record levels.
Between June 27 and July 10, Bitcoin’s hashprice surged from $54 per petahash per second (PH/s) to a monthly high of $64 PH/s. However, this uptick was short-lived, as a drop-off followed, alongside fluctuations between $58 and $62 PH/s.
For clarity, hashprice is a system that calculates the daily revenue Bitcoin miners can earn per hash rate unit. It is generally measured in dollars per terahash per second per day ($/TH/s/day).
These are factors that could influence the hashprice:
Over the past few weeks, the hashprice has been relatively flat, mainly within $58 PH/s and $60 PH/s. At the time of writing, the Bitcoin hashprice is pegged at $59.01, and the average block stands at 9 minutes and 44 seconds.
This means that blocks are being mined faster than the standard 10-minute target. Supposing this strong momentum continues, the network will likely increase the mining difficulty on August 8 to steady the pace.
In terms of hashrate production, the mining firm Foundry tops the leaderboard, producing the most computing power — 299.58 exahashes per second (EH/s). Hashrate production refers to the computing power a Bitcoin miner, or the entire network, generates to solve blocks and earn rewards.
Here are the other mining pools that make up the top ten:
Similar to the hashprice movement, Bitcoin has traded steadily since reaching a fresh all-time high of $123.000 on July 14. As of press time, the firstborn asset is exchanging hands at $118,657 following a modest intraday climb.
