Blogs & Articles: Bitcoin Hashrate Hits New All-Time High Above 740 EH/s 🔗 13 days ago

The Bitcoin network's hash rate reached a new all-time high on September 3rd, surpassing 740 exahashes per second (EH/s). This milestone occurred despite Bitcoin's price remaining below $60,000.

The increase in hash rate indicates that more computational power is being allocated to processing transactions and mining new Bitcoin. 

This comes amid a more than 10% decline in Bitcoin's price this week, highlighting a divergence between short-term market fluctuations and the underlying strength of the network.

Leading mining companies such as Whatsminer and MicroBT are responding to the increased hash rate by introducing new, more advanced mining equipment. 

Whatsminer has unveiled four new rigs and is developing a solar-powered mining container system. MicroBT has also launched its M6XS+ miners, with processing capabilities ranging from 190 to 450 terahash.

In a related development, Riot Platforms acquired Block Mining for $92.5 million, a move aimed at increasing its hash rate and expanding its presence in the market. 

Additionally, mining companies are exploring the integration of AI and potential acquisitions as they address ongoing challenges within the industry, such as identity verification.

The rising hash rate is seen as an indicator of the network's robustness. 

While the hash rate does not directly influence Bitcoin's price, it plays a key role in reinforcing the network's security. 

Historically, increases in hash rate have often preceded significant market movements and important events like Bitcoin's halving.