Bitcoin’s hashrate, a key indicator of its computational power, shattered previous records on October 12, 2023. As measured by a seven-day simple moving average (SMA), it has surged to an impressive 455 exahash per second (EH/s). To put that into perspective, the hashrate was hovering around 261 EH/s on January 1, 2023. This translates to a leap of 194 EH/s in less than a year, inching tantalizingly close to half a zettahash.
Amid Price Woes and Difficulty, Bitcoin’s Hashrate Breaks Barriers: Half Zettahash in Sight?
On October 12, 2023, Bitcoin’s hashrate hit an unprecedented high, clocking in at 455 EH/s, as per the seven-day SMA. Rewind to the beginning of 2023, and the hashrate was a mere 261 EH/s. This means that over the course of nine months, the hashrate expanded by 194 EH/s. In simpler terms, the network’s computational prowess grew by 0.68 EH/s daily this year, notwithstanding the 15 difficulty adjustments that increased.
With the hashrate soaring to new heights, the imminent difficulty adjustment, slated for October 16, 2023, could see an increase of over 7%. If miners remain unfazed by these adjustments and the hashrate maintains its upward trajectory, Bitcoin could soon hit the half zettahash per second mark (ZH/s), or roughly 500 EH/s. If the hashrate maintains this momentum, it will likely reach the 500 EH/s milestone ahead of the next reward halving.
If the hashrate sustains its current growth rate of 0.68 EH/s per day, we could see the seven-day SMA touch 500 EH/s in roughly 66 days, or 9-10 weeks – on or around December 20, 2023. Earlier this year, River Financial’s research analyst Sam Wouters estimated that Bitcoin could enter the zettahash era, equivalent to 1,000 EH/s, “by the end of 2025.” Given the current growth rate of 0.68 EH/s per day, this milestone could be reached around December 23, 2025, or potentially at the beginning of 2026.
Despite BTC’s price wandering and the overall hash price remaining low for miners, hashrate records continue to jump higher. On October 15, 2023, the output for a petahash per second (PH/s) is under $60 daily. Moreover, the network’s difficulty is towering at 57.32 trillion, and with the upcoming estimated hike, it might soar past 61 trillion.
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