Bitcoin’s Hashrate Hits an All-time High 

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The combined computing power used to secure the Bitcoin network, known as the hashrate, reached a record high of over 742 exahashes per second (EH/s) on September 1.

This increase can be attributed to the consistent adoption of high-performance mining hardware, such as application-specific integrated circuits (ASICs), since 2021.

With this rise in hashrate, the cost of mining Bitcoin also increases as miners must upgrade their equipment, expand their operations, and consume more energy in order to compete.

This has resulted in decreased profitability for miners, with August 2024 being the worst month since September 2023, as revenue dropped to a low of $827.56 million.