Bitcoin’s Hashrate Reaches 618 EH/s, Establishing a New 7-Day SMA Record in 2024

Bitcoin’s computing power has reached a new peak, ascending to 618 exahash per second (EH/s) as shown by the seven-day simple moving average. Currently, 56 entities are contributing at least 916.26 megahash per second (MH/s) to the network, with the mining pool Foundry USA at the forefront, delivering 204.41 EH/s.

Bitcoin Edges Closer to Zettahash Era with Latest Hashrate Milestone

In 2024, BTC is setting new benchmarks with unprecedented price highs, the highest difficulty levels, the biggest block size, and now, over this weekend, its computing power hit an unprecedented peak on March 10, 2024, achieving 618 EH/s. Just six days earlier, on March 4, the hashrate was maintaining a pace at 564 EH/s, according to the seven-day simple moving average (7DSMA). This indicates a notable increase of 9.57% in hashrate from March 4.

The three-day simple moving average (3DSMA) ascended to a high of 661 EH/s. The 7DSMA is a mere 382 EH/s shy of achieving a singular zettahash per second (ZH/s), while the 3DSMA is just 339 EH/s away from reaching the 1 ZH/s milestone. The 7DSMA translates to 618 quintillion hashes per second (H/s), an astoundingly vast figure. To put the magnitude of 618 quintillions into perspective, it’s in the range of the total number of sand grains on Earth, every byte of data in the digital world, all insects inhabiting the planet, and the quintillions of microorganisms residing in the human gut.

Over the past three days, Foundry recorded 204.41 EH/s in hashrate which amounts to 33.62% of the aggregate. The second largest mining pool Antpool commands 122.65 EH/s or 20.17% of the total and Viabtc dedicates 97.59 EH/s to the BTC network with 16.05% of the total recorded. Following the top three mining pool giants, F2pool, Binance Pool, Luxor, Mara Pool, Btc.com, SBI Crypto, and Braiins Pool round out the top ten.

The upward trajectory in hashrate, from global participation to the cusp of achieving zettahash capabilities, signifies a monumental shift in the digital world. Such milestones showcase an evolving ecosystem, where Bitcoin’s foundational security becomes synonymous with unparalleled growth and technological innovations, setting a precedent for the future of blockchain and cryptocurrency. Nevertheless, with fewer than 6,000 blocks remaining until the fourth BTC halving, bitcoin miners are facing a significant challenge ahead, especially if prices start to fall.

What do you think about Bitcoin’s hashrate climbing to 618 EH/s? Share your thoughts and opinions about this subject in the comments section below.

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