According to Bitcoin Magazine ProThe 7-day average mining hash rate for Bitcoin has hit a new all-time high, hitting over 667 exahashes per second (EH/s) on July 26 during the Bitcoin 2024 ConferenceThis is an improvement on the previous record of 657 EH/s, set on May 26.
The hash rate refers to the total computing power miners devote to processing transactions and mining new blocks on the Bitcoin blockchain. A higher hash rate means more competition among miners to validate blocks, making the network more resistant to manipulation or attack.
Important mining Companies like Whatsminer and MicroBT are rolling out new powerful machines to capitalize on the hash rate boom. Whatsminer unveiled four new mining rigs and an upcoming solar mining container system. MicroBT introduced its M6XS+ miners, which can handle 190 to 450 terahash.
Riot Platforms also acquired Block Mining for $92.5 million to expand its hash rate and market reach. Miners are exploring AI integration and acquisition opportunities to address ongoing identity challenges.
The increase in miner revenues due to the rising price of Bitcoin has reduced selling pressure and stabilized network activity. Miner outflows remained below $10,000 per day in July, compared to over $20,000 in March, when BTC first reached $70,000.
General, Bitcoin’s Rising Hashrate reflects a vote of confidence in the long-term viability. With major innovations in mining and favorable policies driving revenue, miners are aggressively expanding their infrastructure to process transactions and secure the Bitcoin network.