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The average Bitcoin <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> over seven days reached a record 677 EH/s, exceeding the May 25 peak. Recent data reveals that on July 25, the seven-day SMA of Bitcoin's hashrate hit 677 exahashes per second (EH/s), surpassing the previous high of 659 EH/s recorded on May 25, according to <a href="https://news.bitcoin.com/ru/srednyaya-kheshreyt-bitkoina-za-7-dney-dostigla-rekorda-677-ehs-prevysiv-maksimum-25-maya" rel="noopener noreferrer nofollow">Bitcoin.com</a>.
This new record coincides with the rise in Bitcoin's value over the past week. Data from hashrateindex.com <a href="https://ultramining.com/news/en/luxor-innovates-with-extended-contracts-and-daily-settlements-for-enhanced-bitcoin-mining/" rel="noopener noreferrer nofollow">Luxor</a> shows that on July 25, 2024, the hashrate reached 677 EH/s, about 18 EH/s higher than the 659 EH/s registered on May 25. While the seven-day SMA provides the most accurate hashrate report, the three-day SMA indicates even higher results, moving the historical maximum to July 22 with 707 EH/s.
The increased hashrate is attributed to the rising <a href="https://ultramining.com/news/en/bitcoins-rebound-above-30k-boosts-hashprice-a-4-leap-in-24-hours/" rel="noopener noreferrer nofollow">hashprice</a>, or the expected value of 1 PH/s of hashing power. Currently, the hashprice stands at $52.85 per PH/s, compared to $50.27 per PH/s when the seven-day SMA hit 677 EH/s. These prices are slightly better than the $48.36 per PH/s miners saw in early July.
The higher hashrate has led to faster block times, ranging from 9 minutes 4 seconds to 9 minutes 16 seconds since 8 AM EDT on July 28. This could result in a significant difficulty increase expected on July 31, 2024. Current estimates suggest that the difficulty growth could be the largest this year, ranging from 7.36% to 10.17%. The difficulty might surpass the previous peak of 88.10 trillion recorded on April 24.

Bitcoin Hashrate Hits Record 677 EH/s, Surpassing May’s Peak

Ultramining_Eng

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