Bitcoin’s hashrate has been increasing a great deal during the last three months, as it’s increased more than 32% from 103 exahash per second (EH/s) on July 25 to today’s 137 EH/s, with a few highs in between around the 189 EH/s mark. Bitcoin’s price spike has pushed the hashrate higher and in a week’s time, the overall mining difficulty is expected to increase for the eighth time in a row.
Bitcoin Hashrate Steadily Rises Higher
As bitcoin’s price is still more than 30% higher during the last month, even after the fall below the $60K region, the network’s mining power has increased a great deal. Three-month statistics show that Bitcoin’s hashpower has jumped above the 160 EH/s zone nine times since July 25 and over 180 EH/s once so far.
Bitcoin hashrate on October 24, 2021. Hashrate is 32% higher than it was three months ago, according to coinwarz.com statistics.
At that time three months ago, BTC’s hashrate was steadily recovering from the bitcoin mining crackdown in China and the mass migration that followed. The hashrate and bitcoin’s spot price was much lower three months ago, as the network’s processing power was hovering just above 100 exahash per second.
The network’s security and processing power increased 32% since then as the price lift has made it so miners are far more profitable than they were in late July. On October 24, with 137 EH/s dedicated to the Bitcoin blockchain, and the current BTC exchange rate, gives most mining rigs the ability to rake in profits.