On Monday, March 2, miners processing blocks on the BTC network surpassed the network’s all-time high as the overall hashrate touched 136 exahash (EH/s). The record-breaking achievement happened despite the price of BTC dropping below the $9K region throughout the course of the last week. In four years’ time, BTC’s hashrate has risen over 13,500% and it doesn’t look like slowing up anytime soon.
BTC’s Hashrate Between 136-145EH/s on Monday
Since the innovative payment network Bitcoin was invented, the hashrate has always been an indicator of security and the network’s overall wellbeing. Essentially, a hash is the output of a hash function applied to the Bitcoin software. When bitcoin miners are searching for blocks they leverage their processing power (hashrate) in order to increase their chances of acquiring freshly minted coins.
The overall hashrate combined, meaning all the processing power between all the participating miners on the Bitcoin network, is basically the estimated measurement of how many hash functions are used in order to find a block. At the end of January 2016, the BTC network touched one exahash per second (EH/s). Since then, the hashrate has increased exponentially capturing 136EH/s on March 2, 2020. Blockchain.com and Fork.lol charts show BTC’s hashrate averages to be between 136 to 145EH/s. Read More...