Bitcoin hashrate hits historic 741 EH/s milestone, pushing closer to the zettahash era

On October 26, Bitcoin’s hashrate soared to a new peak of 741 EH/s. Just a week earlier, on October 19, it hovered around 676 EH/s, reflecting a gain of over 65 EH/s in that time. Additionally, this latest peak represents a surge of more than 16% over the past month, climbing from 638 EH/s on September 26.

Bitcoin hashrate peaks, growing by over 9.6% in just one week

According to Hashrate Index data, BTC’s computing power hit a new high of 741EH/s on October 26. This new high represents a 9.6% spike in a week and a 16.6% surge in a month, adding over 103EH/s from September 26.

Furthermore, YCharts data indicates that Bitcoin’s hashrate value was at 727.66 million on October 25, rising from 699.12 million the previous day and up from 455.08 million a year earlier.

Some have attributed the rise in BTC’s hash rate to the use of more advanced mining equipment and funding advantages, even as the top U.S.-listed Bitcoin miners control nearly 30% of the global network hash rate.

Research analyst Sam Wouters predicted that Bitcoin might be entering its Zettahash era in March 2023, when the hash rate first rose to 400 EH/s. At the time, he estimated that if the hash rate maintained its growth rate, the leading crypto would reach a Zettahash by the end of 2025. Currently, the hash rate levels align perfectly with his projections.

Bitcoin mining difficulty is still on the rise

According to Coinwarz data, the current BTC mining difficulty stands at 95.67 trillion at block 867,462, marking an almost 4% jump in just a week and a 17% spike in three months.  Moreover, the BTC network is close to its subsequent difficulty adjustment, which is estimated in just nine days when the difficulty is expected to rise to 98.8 trillion.

However, even with Bitcoin mining’s escalating difficulty, BTC miners are still generating millions of dollars from mining activity. As of October 25, Bitcoin miners earned over $34 million, though this represents a slight fall from October 20’s $38.38 million.

Currently, the leading crypto is trading at $67, 240 continuing an impressive six-week price rally, with a 0.89% jump in the last 24 hours.