Can Bitcoin’s Hashrate Hit 1,000 EH/s Before the Next Halving?
The Bitcoin network’s average hashrate could surpass 1,000 EH/s in the coming years, possibly even before the next halving. Over the past year, the hashrate has grown by 56%, currently sitting at 850 EH/s.
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The sharpest increase began after the 2024 halving, which halved block rewards and mining revenues. To mitigate these losses, many miners have turned to alternative income streams, including repurposing computational power for artificial intelligence applications.
Even with a slower annual growth rate of 20%, the network is likely to achieve the 1,000 EH/s milestone soon. This increase in hashrate will raise mining difficulty, further squeezing miner profitability. To adapt, miners are exploring options like securing cheaper electricity contracts and investing in energy-efficient hardware.
Bitcoin's Hashrate. Source: Glassnode Official Stats
To maintain consistent block times (approximately 10 minutes), the network adjusts mining difficulty every two weeks based on the total hashrate. However, in recent months, difficulty has risen alongside the hashrate, placing additional pressure on miners.
Since October, the network has experienced seven consecutive increases in mining difficulty. A similar trend was last observed three years ago, after China's mining ban caused a 50% drop in hashrate. If these patterns continue, the combination of rising hashrate, escalating difficulty, and the next halving could lead to greater centralization of mining power in the Bitcoin network.
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