Bitcoin Network’s Computing Power Index Reaches New Record High
Miners deploy more powerful hardware to bolster their share of computing power.
The world’s most decentralized network’s computing power index reached a new record of 515.61 exahash per second (EH/s) on June 11th at block height 793,868.
According to the Cryptonomist, over the last 2,016 blocks, the hashrate has remained steady at an average of 382.7 EH/s and over the last 90 days it has averaged 356.2 EH/s. This is a positive sign as it shows that miners are interested in increasing their share of the computational power market to mine as much BTC as possible. Larger mining companies in particular are keen to maintain their share of the network and are continuously increasing their hashrate.
As the Bitcoin network’s hashrate continues to reach new heights, the difficulty adjustment also reached a new record high and is set for another increase in block mining difficulty. Specifically, on June 16th the blockchain reached a difficulty level of 224.8 zetahash, representing the amount of computing power needed to successfully mine a block on the network.
Furthermore, it is predicted that on June 27th there will be another estimated increase from 2.1% to 2.33%. This would be the fourth consecutive increase in mining difficulty for Bitcoin miners. Over the last three difficulty adjustments since May 18th, 2023, the metric has increased by 8.8%.
These short average block resolution times can be attributed to miners deploying more powerful hardware capable of calculating more hashes per second than previous versions. They are taking advantage of ASIC (Application-Specific Integrated Circuit) mining platforms that outperform any other machine on the market.