Bitcoin hash rate hits all-time high

The Bitcoin network has reached a new milestone with its hash rate hitting an all-time high of 791.62 million terahashes per second (TH/s), according to Ycharts data.

This surge, which began since January 1, 2023, highlights an increase in network security and mining efficiency, driven by advancements in mining technology.

Notably, U.S.-listed Bitcoin miningcompanies now control nearly 29% of the global hash rate. Top American miners such as Marathon Digital, CleanSpark, and IREn have emerged as major players in the global landscape, benefitting from superior equipment and financing that have allowed them to weather market volatility.

While the higher hash rate is seen as a boost to Bitcoin’s security, it also raises the cost of Bitcoin mining. Despite this, mining remains profitable, with daily revenue standing at $38.38 million on October 20, 2024.

Analysts suggest that rising mining costs and the recent Bitcoin halving could lead to consolidation among smaller mining operations, as they struggle to compete with larger, more efficient firms. Meanwhile, Bitcoin is currently trading around $67,000, just below its all-time high of $72,000.