Bitcoin hash rate hits record 791M TH/s amid rising 95T difficulty

Bitcoin’s (CRYPTO:BTC) hash rate has hit a new all-time high, reaching 791.62 million terahashes per second (TH/s) according to Ycharts data. 

This milestone reflects a year-over-year surge of 73.95%, marking a significant improvement in the network’s security and efficiency. 

The increase is attributed to the deployment of more advanced mining equipment and the rising dominance of publicly listed U.S.-based Bitcoin miners. 

Analysts from J.P. Morgan reported that major American miners, including Marathon Digital, CleanSpark, and IREn, now control nearly 29% of the global network hash rate. 

These companies have leveraged their financial resources to expand their operations, enabling them to withstand market volatility. 

The rising hash rate has brought a corresponding increase in mining difficulty. 

Currently, the difficulty level stands at 92.05 trillion, close to its all-time high of 92.7 trillion set in September 2024. 

A scheduled difficulty adjustment on October 22 is expected to raise it further by 4.17% to 95.88 trillion. 

Despite the increasing difficulty, miners continue to generate steady revenue. 

As of October 20, 2024, daily mining revenue was recorded at $38.38 million, reflecting a slight 1.17% decline from the previous day. 

However, compared to a year ago, revenues are down by 33.2%. 

This reduction comes after the latest Bitcoin halving, which cut the block reward and impacted smaller mining operations. 

With the rising cost of mining one BTC due to increased difficulty and competition, industry experts anticipate potential consolidation among smaller mining firms. 

Meanwhile, Bitcoin’s price briefly exceeded $69,000 over the weekend, reaching a three-month high before settling at $68,400.

At the time of writing, the Bitcoin price was $67,392.09.