Bitcoin Hash Rate Continues to Increase With New All Time High

Key Points:

• The Bitcoin network’s 7-day average mining hash rate reached a new high of over 740 exahashes per second on September 7.
• As mining operations expand to meet the Bitcoin hash rate, companies face higher costs due to increased energy consumption.

On September 7, the 7-day average mining hash rate of the Bitcoin network reached a new all-time high, breaking through 740 exahashes per second.

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Bitcoin Hash Rate Hits New Record High 

The data shows the increasing strength and security that the network is enjoying, as on average it executes more than 740 quintillion hash computations per second performed by miners all over the world.

A higher hash rate implies greater applied computing power in securing a cryptocurrency’s decentralized system, which in turn makes an attack on the latter more difficult.

Miner Revenues Decline Amid Increased Network Activity

Due to this expansion, miners have to deploy more efficient machinery and consume higher amounts of electricity in order to keep up with the surging network. Mining companies are usually large-scale processes kept in energy-intensive warehouses for processing transactions and minting new Bitcoin.

The costs that relate to mining surge when the Bitcoin hash rate increases. This is a period when companies need to invest in more complicated machinery and extra power just to continue to compete.

Miner revenues have suffered, and August 2024 became the worst month in profitability since September 2023. Even though revenue reached $827.56 million, many are failing to cope with the falling profitability because of skyrocketing operational costs. On the brighter side, it says that the Bitcoin hash rate surge is indicative of good prospects awaiting BTC in the future.