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The Bitcoin network recently reached a historic milestone by achieving an all-time high hash rate of 698 exahash per second (EH/s). Despite ongoing market challenges, this exciting milestone was achieved on October 10, 2024.
Bitcoin: Achieves new hashrate record at 698 EH/S despite market challenges
Despite a decline in BTC and hash prices, and a 4.09% increase in network difficulty, Bitcoin miners managed to increase the total hashrate to unprecedented levels. On October 10, 2024, the 7-day average hashrate reached 698.94 EH/s, but it dropped to 625 EH/s at the end of September. This increase of 73 EH/s in 10 days reflects the remarkable resilience of the miner.
This incredible increase in hashrate comes at a particularly difficult time for miners, who, despite everything, continue to invest heavily in more powerful and efficient mining equipment. This resilience shows miners' confidence in Bitcoin's long-term potential.
Significant ecological impact
A higher hashrate can increase mining difficulty, requiring miners to solve more complex mathematical problems to add new blocks to the blockchain. While this may reduce profit margins for miners, it also strengthens the security of the Bitcoin network.
Additionally, this hashrate increase could impact the energy market. Bitcoin mining is an energy-intensive activity, and an increase in hashrate means an increase in energy consumption. This raises questions about the environmental sustainability of BTC mining, which is repeatedly debated among experts and regulators.
In short, Bitcoin's new hashrate record of 698 EH/s is proof of the network's robustness and resilience. Despite market challenges, miners continue to maintain support and security for the network, thereby reinforcing confidence in the future of BTC. However, this growth also raises important questions regarding the energy sustainability and environmental impact of Bitcoin mining.
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Adapt to society and live a safe life to survive in universities around the world. Community managers manage the underlying cryptocurrencies and work on blockchain and its development. Passionately consider experience and fair management in the domain, article information and how to terminate the contract.
Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
