By The Numbers: Bitcoin Hashrate Poised To Complete 100% Growth In 2023
2023年10月16日 - 7:00PM
NEWSBTC
As analysts continue to debate the future of the flagship
cryptocurrency, Bitcoin, the network’s hashrate has seen
exponential growth, with this key indicator poised to experience an
100% increase (from the beginning of the year) before the year runs
out. How Bitcoin’s Hashrate Has Grown The hashrate, which is
used to measure the computational power used to mine and process
transactions on the network, currently (at the time of writing)
stands at 445 exahashes per second (EH/s). This figure represents a
significant increase, considering that the network hashrate stood
at 255 EH/s on January 1, 2023. Related Reading: On-Chain
Tracker Notices Major Difference Between Bitcoin And Ethereum
Whales Hashrate almost 100% up | Source: CoinWarz These figures
mean that the network hashrate has grown by 190 EH/s since the year
began, and at this rate, it could well hit 510 EH/s by the end of
the year, signaling a 100% increase from when the year began. These
figures also suggest that more miners have jumped on the Bitcoin
blockchain, with it being faster and more secure as a result of
this. At this rate, the hashrate could also well be on the
way to fulfilling some of the predictions made by analysts. In
March, A research analyst at River Financial, Sam Wouters, noted
the impressive growth rate and predicted that Bitcoin’s hashrate
could reach a “Zettahash by the end of 2025.” A Zettahash is
equivalent to 1,000 EH/s. Going by this current rate, some have
noted that Wouters’ prediction could become a reality by December
23, 2025, or the beginning of 2026. Despite this significant growth
rate, it is worth mentioning that Bitcoin’s hash price has remained
rather tepid during this same period. Hash Price refers to the
revenue generated by miners on a per tera-hash basis. Related
Reading: How Ripple’s Rumored Token Burn Could Affect The XRP Price
The hash price currently stands at close to $60, almost the same
figure as at the beginning of the beginning of the year. Notably,
Miners’ biggest payday came on May 8, 2023, when the hash price was
$125. Where The Bitcoin Hashrate Is Coming From In his tweet
back in March, Wouters also tried to analyze where the growth in
Bitcoin’s hashrate could be coming from. He shared his belief that
it was unlikely that the added hashrate was coming from
nation-states, as some people may suggest. According to him, the
odds of nation-states providing computing power to the network and
remaining a secret is low as “there are far too many people
involved in running massive operations.” He concluded by stating
that the source of the added hashrate was “nuanced” as it could
simply be a result of factors like new models being put on the
market, unused inventory going online, more facilities going live,
and also entrepreneurs who are finding cheap sources before
regulators step in. BTC recovers as mining interest grows |
Source: BTCUSD on Tradingview.com Featured image from Coinmama,
chart from Tradingview.com
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