The network's mining difficulty is also nearing a record high, and is expected to rise at least 4.17% to 95.88T on October 22.
According to Ycharts, bitcoin's #hash rate, a key indicator of the network's security and efficiency, has jumped to an all-time high (ATH) of 791.62 million TH/s.
This new level also represents a significant improvement of 73.95 percent from a year ago.
According to Ycharts, #bitcoin has experienced a jump in hashrate over the past few weeks, having fluctuated between 574 million and 742 million in early October.
According to J. P. Morgan analysts, 14 U. S. -listed #BTC miners, including Marathon Digital, CleanSpark and IREn, have solidified their position as major global players. They attribute this growth to the efficiency and financial advantages of public operators, which have allowed them to withstand market volatility and increase #mining volumes.
Observers see the record hash rate as a sign that the bitcoin network is becoming more secure, but it also means that the cost of mining 1 BTC is getting higher.
In addition, the complexity of bitcoin mining is approaching an all-time high. At block 866,682, it reached 92.05 trillion, just a little short of the 92.7 trillion reached on September 11, 2024. This movement was accelerated by bitcoin's hashrate, which briefly surpassed 700 EH/s earlier in the week.
the complexity adjustment is expected to take place on October 22, when the complexity will increase by at least 4.17% to reach 95.88 trillion.
Interestingly, despite the increase in complexity and hash rate, the data shows that BTC miners are making a steady income: as of October 20, 2024, daily bitcoin mining revenue was $38.38 million, down 1.17% from the previous day. However, the year-over-year decline is much more significant: the current level is 33.2% lower than the same period in 2023.
Read us at: Compass Investments
