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The growing Bitcoin hashrate and block reward reduction from the Bitcoin halving could lead to miner consolidation among smaller firms.
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The Bitcoin hashrate has reached a new all-time high, showcasing the growing security of the world’s first blockchain network.
The Bitcoin network hashrate — the sum total computing power securing the Bitcoin network — reached a new all-time high of 769.8 exahashes per second (EH/s) on Oct. 21.
Hashrate has been in a steady uptrend since 2021, BitInfoCharts data shows. The growing hashrate is widely correlated with developments in mining hardware like application-specific integrated circuits (ASICs).
Bitcoin network hashrate, all-time chart. Source: BitInfoCharts
While the Bitcoin hashrate is a sign of the network’s growing security, it also means that the cost to mine 1 Bitcoin (BTC) is increasing.
Paired with the block reward reduction from the 2024 Bitcoin halving, the growing hashrate could lead to miner consolidation among smaller firms.
Related: Bitcoin ETF liquidity set to surge after SEC options approval — QCP
This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News
