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Bitcoin’s hashrate has rebounded to the historic highs seen just before the fourth reward halving event. According to the seven-day simple moving average, the network’s hashrate reached a record 657 exahash per second (EH/s) this week.
Bitcoin Hashrate Reaches Unprecedented 657 EH/s
Following a significant drop post-halving, much of the hashrate has returned to the Bitcoin network. On May 8, the seven-day simple moving average (SMA) indicated the network had fallen to a low of 582 EH/s.
Bitcoin hashrate via the seven-day SMA on May 28, 2024.
This week, on May 25, 2024, the hashrate climbed to an all-time high (ATH) of 657 EH/s. Currently, the seven-day SMA shows the hashrate at 652 EH/s. The hashprice, representing the daily expected value of 1 petahash per second (PH/s) of hashrate, has increased to just over $53 per petahash.
This is a notable improvement from the hashprice below $45 per petahash at the beginning of May. Over the past 28 days, despite fluctuations, the hashprice has risen by 20.45% in May. Additionally, the more volatile three-day SMA saw the hashrate peak at an ATH of 691 EH/s.
The recent rebound in Bitcoin’s hashrate and hashprice underscores the strength and growth potential of the network, reflecting increased mining activity and stakeholder confidence. As the hashrate achieves new heights, it indicates a strong infrastructure capable of sustaining the network’s security and efficiency, hinting at a positive outlook for BTC’s future amid fluctuating market dynamics.
What do you think about the hashrate reaching new peaks? Share your thoughts and opinions about this subject in the comments section below.
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