New York, Friday, October 25, 2024-The Bitcoin network’s hashrate reached an all-time high of 769.8 exahashes per second (EH/s) on October 21, reflecting its growing security and resilience.
However, this surge in computing power comes at a time when mining profitability is declining.
Meanwhile, September saw a 2.6% drop in daily mining revenue, with Jefferies analysts predicting October may present even more challenges for miners. However, Bitcoin miners have largely refrained from selling their holdings, with only 2,916 BTC sent to exchanges on October 20.
The increased hashrate has led to higher mining costs, especially for smaller operations facing lower block rewards due to the Bitcoin halving.
Despite rising difficulties, major mining firms like Marathon Digital and TeraWulf are positioning themselves for continued growth.
TeraWulf said the importance of energy-efficient infrastructure to maintain profitability in the post-halving era.
