Bitcoin (BTC) recently achieved a significant milestone by surpassing a hashrate of 1 zetahash per second for the first time, as reported by CoinWarz. This achievement, which occurred on January 2 at approximately 02:00 UTC, represents a new level of security and resilience for the blockchain network.
Mining revenues have experienced fluctuations but remain strong. The Bitcoin block reward halving event in April 2024 resulted in a substantial decline in mining revenues. Prior to the halving, mining revenues were around $2 billion in March, but by September, this figure had dropped to $815 million. This significant decrease caused financial strain for many miners, leading to a hashrate decrease to 521 EH/s by July.
However, the hashrate quickly rebounded and reached 844 EH/s by October 21. It continued to rise to record levels throughout the year. This increase in hashrate is valuable as it signifies enhanced transaction security and resilience for the Bitcoin network.
The rise in hashrate has also affected mining difficulty, which recently reached a new record of 109.78 trillion. The next difficulty adjustment, scheduled for January 12, is expected to surpass this level at 111 EH/s.
Research indicates a direct correlation between hashrate and Bitcoin’s price. In December, Bitcoin’s price exceeded $100,000 for the first time and is currently trading above the $96,000 threshold.
The record hashrate for Bitcoin continues to generate widespread attention and impact both the mining sector and the cryptocurrency market.