Bitcoin Hashrate Reaches a New Record High

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The latest data from Glassnode reveals that the seven day moving average for Bitcoin’s hashrate has reached a record high of 703 exahashes per second (EH/s).

This marks the first time that the hashrate has exceeded 700 EH/s since the network’s inception.

The hashrate is a measure of the total computational power being used to mine and process transactions on the Bitcoin blockchain.

It has been rising steadily since the halving event in April, when the daily production of Bitcoin was cut in half to 450 BTC.

12 of the top publicly traded miners contributed to 28.9% of the hashrate in September, which equates to over 200 EH/s. This group’s contribution to the hashrate has been increasing each month and has grown by almost 10% since October 2022.