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Bitcoin’s mining power has surged to unprecedented levels, setting a new record with a seven-day simple moving average (SMA) hashrate of 677 exahash per second (EH/s) on July 25, 2024. This significant increase, up from 659 EH/s recorded on May 25, reflects a growing confidence in the network’s stability and the profitability of mining activities. The rising hashprice, which reached $52.85 per petahash (PH/s), underscores an optimistic outlook for the cryptocurrency’s future.
The robust performance of Bitcoin’s network continues as the three-day SMA hashrate even outpaced the seven-day average, reaching a high of 707 EH/s on July 22. This peak is indicative of the increasing efficiency and power capacity brought online by miners, likely driven by the attractive returns marked by the hashprice improvements since early July.
This upturn in mining activity is resulting in faster block times, now averaging between 9 minutes 4 seconds and 9 minutes 16 seconds, suggesting that a significant network difficulty adjustment may be on the horizon. Expected on July 31, 2024, this adjustment could be the most substantial of the year, potentially increasing by up to 10.17%, which would solidify the network’s resilience and operational capacity.
