Bitcoin hashrate hits new record as network prepares to change difficulty

Although there are only two days left until Bitcoin’s next difficulty change, the network’s hash rate has surged to a new all-time high, reaching 491.15 exahashes per second (EH/s) on February 5, 2023.

Bitcoin’s Hash Rate Rises to a New All-Time High

On the second day of May 2023, Bitcoin’s computing power hit another record high with a block height of 787,895. The computing power of the network reaches a 24-hour peak at approximately 491.15 EH/s. The peak hash rate occurred when the network’s average hash rate over the past 2,016 blocks was approximately 344.4 EH/s, and since April 2, 2023, the hash rate has dropped below the 300 EH/s range five times.

However, block times slowed down in April, with block times consistently exceeding the 10-minute average over a 30-day period. The consequences of Bitcoin’s slower block times were severe, leading to significant backups in the mempool. As of 19:30 on May 2 (Vietnam time), the data showed that the number of unconfirmed transactions reached a staggering 240,000.

The latest increase in hash rate follows the milestone of 440.80 EH/s at block height 786,013 on April 18, 2023. However, Bitcoin’s current all-time high of 491.15 EH/s is even more impressive, almost half that of zetahash. In a nutshell, one zettahash represents a large number of hashes, equivalent to 600 million hashes per second.

Recently, Sam Wouters, a research analyst from River Financial, boldly predicted that Bitcoin may enter the era of zettahash within two years. Wouters’ estimates suggest that “at the current 2023 growth rate, we should reach Zettahash by the end of 2025.” While the network’s hash rate is rapidly hitting new all-time highs, block times continue to lag behind the 10-minute average, and mining difficulty It is expected to be revised down to 2% from 1.22%.

At the time of writing, Foundry USA is the top mining pool with 107.66 EH/s or 31.17% of the total Bitcoin hashrate. Following Foundry is Antpool with 80.75 EH/s, F2pool with 42.62 EH/s, Binance Pool with 29.91 EH/s, and Viabtc with 23.18 EH/s.

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