As of September 3, 746 exahashes per second (EH/s) were being hashed on the Bitcoin network, which was a record high. Even though Bitcoin’s market price is still below $60,000, this milestone shows that more and more computer power is being used to keep the network running and safe.
The hashrate, which is a way to measure how much computing power is being used to mine Bitcoin and handle transactions, has been steadily going up. This trend happened because mining technology has gotten better and miners want to make networks safer in general.
Bitcoin’s price has dropped over 10% this week, but the rise in hashrate shows that people are still very confident in Bitcoin’s long-term value and security. To take advantage of this trend, big mining businesses are putting a lot of money into new technologies. For example, Whatsminer has released four new mining tools and is working on a mining container system that runs on solar power. In the same way, MicroBT has released its M6XS+ miners, which have a lot of working power.
Riot Platforms also made a big move when it bought Block Mining for $92.5 million. The company wants to increase its hashrate and reach more customers. Mining companies are also looking into chances in AI and possible acquisitions to deal with problems that keep coming up in the business.
A rise in Bitcoin’s hashrate is seen as a sign that the network is healthy, which improves security and sets the stage for future growth. The hashrate doesn’t have a direct effect on Bitcoin’s price, but it often does happen before big market changes and important events, like Bitcoin being split in half.
