according to Bitcoin Pro MagazineBitcoin’s 7-day average mining hashrate hit an all-time high, surpassing 667 exahashes per second (EH/s) on July 26 during Bitcoin Conference 2024This number exceeds the previous record of 657 EH/s, which was set on May 26.
the Hash rate It refers to the total computational power that miners devote to processing transactions and mining new blocks on the Bitcoin blockchain. A higher hash rate means more competition among miners to validate blocks, making the network more resistant to tampering or attack.
Major mining companies like Whatsminer and MicroBT are rolling out powerful new machines to capitalize on the hashrate boom. Whatsminer unveiled four new mining rigs and a solar-powered mining container system. MicroBT introduced the M6XS+ mining rig, which can handle 190 to 450 terahashes.
Riot Platforms also acquired Block Mining for $92.5 million to expand its hashrate and market reach. Miners are exploring opportunities to integrate and acquire AI to overcome ongoing identity challenges.
The rising revenues generated by miners from the rising price of bitcoin have eased selling pressure and stabilized network activity. Outflows from miners remained below $10,000 per day in July, compared to more than $20,000 in March when bitcoin first hit $70,000.
Total, Bitcoin hash rate rises This reflects a vote of confidence in its long-term viability. With major innovations in mining and favorable policies boosting revenues, miners are working to significantly expand the infrastructure to process transactions and secure the Bitcoin network.
