As a seasoned analyst with years of experience in the cryptocurrency market, I must say that this week’s Bitcoin dip was overshadowed by an impressive milestone in its computational power. The fact that Bitcoin’s network reached 679 EH/s in hashrate is nothing short of remarkable. It’s a testament to the resilience and determination of the mining community, who are willing to push the boundaries even in today’s challenging financial environment.
This week, Bitcoin experienced a drop in value, dipping below $55,000. Despite this, an impressive development took place behind the scenes. On September 7, 2024, Bitcoin’s network hit a notable achievement in its processing capabilities. The seven-day average of Bitcoin’s total computational power reached a new peak of 679 quintillion calculations per second (EH/s). This represents a slight uptick of 2 quintillion calculations per second over the previous record of 677 EH/s, which was set on July 25.
Bitcoin Mining Reaches 679 EH/s Milestone Amidst Revenue Decline
It’s noteworthy that data from hashrateindex.com reveals that Luxor’s network recorded its highest daily hashrate of 679.17 Exahashes per second (EH/s) at 12 p.m. EDT on September 7. This new high underscores the network’s growing processing power and suggests it is approaching the zettahash scale, which corresponds to 1,000 EH/s. Currently, the network is approximately 67.9% away from reaching this milestone, equivalent to 679 quintillion hashes per second.
However, this achievement has not significantly boosted Bitcoin mining revenues. The hash price, which gives the average daily value of 1PH/s, has dropped below $40. Specifically, according to hashrateindex.com, within the day, the hash price remained as low as $39.01 per PH/s, the lowest in the year so far. Back in August, the hash price became even less than $37.
The drop in earnings among Bitcoin miners underscores the challenges they face in their operations. Yet, despite lower revenues, the network’s computational power continues to escalate, demonstrating the resilience and commitment required for mining. In order to succeed under such conditions, miners must adapt to these tough environments and stay informed about the shifting landscape of Bitcoin mining. The latest hashrate milestone underscores the unwavering dedication of the mining community, pushing boundaries even within today’s economic climate.
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2024-09-09 22:43