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The hashrate of Bitcoin has reached an all-time high, approaching 300 exahash per second.

12-Jun-2022 By: Somesh Gaur
The hashrate of Bitc

The hashrate of Bitcoin has reached an all-time high, approaching 300 exahash per second.

While it was thought that Bitcoin's mining difficulty would fall two days ago on June 8, it actually jumped by 1.29 percent on Wednesday. Bitcoin's hashrate reached an all-time high (ATH) of 292.02 exahash per second (EH/s) at block height 739,927, the same day.

The Bitcoin network has never been more powerful than it has been this week, with the protocol's computational processing power reaching a new all-time high on Wednesday. In fact, the network's speed approached 300 EH/s for the first time at 292.02 EH/s.

The most recent hashrate ATH occurred on May 2, 2022, when it reached 275.01 EH/s at Bitcoin block height 734,577. 37 days later, the leap to 292.02 EH/s was around 6.18 percent higher than the ATH on May 2. On Wednesday, the ATH was just 2.73 percent of the way to 300 EH/s, or 0.3 zettahash per second (ZH/s).

Because the hashrate has been so high, the difficulty adjustment algorithm (DAA), which was supposed to decrease, actually climbed by 1.29 percent. The difficulty was projected to decrease by 0.51 percent three days ago, on June 7.

Despite the 1.29 percent increase, the difficulty is still lower than the May 10, 2022 ATH of 31.25 trillion. The network's difficulty is currently 30.28 trillion, and it is projected to stay that way until the June 21 retarget date. The next DAA change will be around 1,600 blocks away, or roughly ten days from now.

On Wednesday, two hundred ninety-two quintillion hashes per second (H/s) were allocated to the Bitcoin blockchain's security at a rate of 292 exahash per second. Foundry USA has been the top mining pool for the past three days, with 52.42 EH/s (fifty-two quintillion four hundred twenty quadrillion H/s).

Out of the 475 blocks mined in the last 72 hours, Foundry has uncovered 109 Bitcoin block rewards. Antpool's hashrate has been hovering around 35.11 EH/s (35 quintillion eleven quadrillion H/s). Over the last three days, Antpool discovered 73 blocks out of 475, and F2pool captured 32.EH/s and discovered 67 blocks.

The next difficulty modification will be determined by current hashrate speeds and the time it takes to mine the next 1,600 blocks. Using today's measures, the difficulty is predicted to rise 1.51 percent from where it is now, although that estimate is subject to change.

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