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Bitcoin Network Achieves Unprecedented 527 EH/s Hashrate, Surpassing All Previous Records
The latest data examining the seven-day average of Bitcoin’s hashrate unveils a new historic milestone in the network’s capabilities. On December 20, 2023, the Bitcoin network experienced an extraordinary surge in its hashrate, achieving a record-setting 527 exahash per second (EH/s). This figure significantly exceeds the previous peak of 507 EH/s, which was observed on December 16.
Record Highs in Bitcoin Mining as Hashrate Reaches 527 EH/s
Recent reports on Wednesday, December 20, 2023, indicate that the overall hashrate of the Bitcoin network reached a historic zenith. According to Luxor’s hashrateindex.com seven-day simple moving average (SMA), the hashrate has escalated to 527 EH/s, effectively surpassing the half zettahash per second (ZH/s) threshold, equivalent to 527 quintillion hashes per second. Over the past 90 days, the average hashrate maintained a level around 462 EH/s, with the latest 2,016 blocks averaging at 496.8 EH/s.
The data from Luxor also highlights that the three-day SMA witnessed a peak hashrate of 539 EH/s on the same Wednesday. Current block times vary, ranging from 8 minutes and 47 seconds to 9 minutes and 31 seconds, which is notably faster than the standard 10-minute average. This upsurge in the hashrate is contributing to shorter block intervals and is anticipated to result in an increased mining difficulty. Forecasts suggest an adjustment in mining difficulty ranging between 3.11% and 5.2%, expected to occur on December 23, 2023.
Currently, the Bitcoin chain is supported by approximately 49 mining pools. Leading the charge over the past three days is Foundry USA, which has now overtaken Antpool. Foundry USA commands a dominant 164.24 EH/s, representing 31.76% of the total network hashrate. Antpool, previously the frontrunner, now contributes 126.51 EH/s, or 24.46% of the total. Together, these two pools wield over 56.22% of Bitcoin’s overall hashrate as of December 20, 2023. Remarkably, in this month alone, bitcoin miners have outdone their prior annual records in fee revenues.
In terms of fee earnings, November saw Bitcoin (BTC) transaction fees netting miners a record $142 million. However, December has already eclipsed this figure, with miners garnering an impressive $202 million in fees. The total income from block subsidies and transaction fees for this month has reached an impressive $953 million. Fees for high-priority transactions continue to exceed $15. Currently, the network is dealing with a backlog of over 300,000 unconfirmed transactions, requiring 359 blocks to clear the existing mempool.
Share your thoughts on the Bitcoin network reaching this monumental hashrate peak. We invite you to express your views on this topic in the comments section below.
Frequently Asked Questions (FAQs) about Bitcoin Hashrate Record
What is the significance of the recent peak in Bitcoin’s hashrate?
The recent peak of 527 exahash per second (EH/s) in Bitcoin’s hashrate on December 20, 2023, marks a historic high in the network’s performance, indicating increased mining activity and network security.
How does the current Bitcoin hashrate compare to previous records?
The current hashrate of 527 EH/s surpasses the previous record of 507 EH/s, highlighting a significant increase in the computational power dedicated to Bitcoin mining.
What does the increase in Bitcoin’s hashrate mean for mining difficulty?
The surge in hashrate typically leads to shorter block intervals and is expected to result in an increased mining difficulty, with projections suggesting a 3.11% to 5.2% rise in the next difficulty adjustment.
Which mining pools are leading in the Bitcoin network as of December 20, 2023?
As of December 20, 2023, Foundry USA leads the Bitcoin network with 164.24 EH/s, followed by Antpool with 126.51 EH/s, together commanding over 56.22% of the total network hashrate.
How have Bitcoin miners’ fee earnings changed in December 2023?
In December 2023, Bitcoin miners have already surpassed the previous monthly record, earning $202 million in transaction fees, a significant increase from the $142 million earned in November.
More about Bitcoin Hashrate Record
- Bitcoin Hashrate Analysis
- Cryptocurrency Mining Trends
- Digital Currency Market Insights
- Bitcoin Network Performance Reports
- Bitcoin Mining Pools Overview
- Bitcoin Transaction Fees Data
- Bitcoin Network Security Analysis
