While Bitcoin’s mining difficulty was expected to drop two days ago on June 8, the difficulty increased by 1.29% on Wednesday. On the same day, at block height 739,928, Bitcoin’s hash rate hit an all-time high (ATH) at 292.02 exahash per second (EH/s).
Nearly three hundred Quintillion hashes per second secure Bitcoin’s blockchain
The Bitcoin network has never been stronger this week, as the protocol’s computing processing power hit an all-time high on Wednesday. In fact, at 292.02 EH/s, the network is approaching the 300 EH/s region for the first time.
The last Hashrate ATH occurred on May 2, 2022, at a Bitcoin block height of 734,577, when it reached 275.01 EH/s. It jumped to 292.02 EH/s after 37 days, which is about 6.18% higher than the ATH on May 2. Wednesday’s ATH was just 2.73% short of the 300 EH/s or 0.3 zettahash per second (ZH/s) range.
The hash rate has been running so high that the Difficulty Adjustment Algorithm (DAA), which was expected to decrease, has instead increased by 1.29%. Three days ago, on June 7, the difficulty was expected to decrease by 0.51%.
Despite the 1.29% increase, the difficulty remains below the 31.25 trillion ATH recorded on May 10, 2022. The network’s difficulty currently stands at 30.28 trillion and is expected to hold that metric until the June 21 retargeting date. In about ten days or about 1,600 blocks away until the next DAA change.
On Wednesday, at 292 exahash per second, 292 quintillion hashes per second (H/s) were dedicated to the security of the Bitcoin blockchain. Three days of statistics show that Foundry USA has been the top mining pool with 52 quintillion 422 trillion H/s or 52.42 EH/s.
Foundry found 109 bitcoin block rewards out of 475 blocks mined in the past 72 hours. Antpool’s hash rate hovers around 35.11 EH/s or 35 1110 trillion H/s. Antpool found 73 blocks out of 475 found, F2pool captured 32.EH/s and found 67 blocks in the last three days.
The current hash rate speed and the rate required to mine the next 1,600 blocks will determine the next difficulty change. Currently, using today’s metrics, the difficulty is expected to increase by 1.52% from the current position, but that estimate may change.
What do you think of Bitcoin’s hash rate reaching an all-time high of 292 exahash per second? Let us know what you think about this topic in the comments section below.
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