Mining Giants Propel Bitcoin’s Hashrate to Record Levels Despite Recent Setbacks

Bitcoin’s network hashrate has reached all-time high levels once again after a recent easing in difficulty that provided mining participants with temporary relief.

Network data indicates that Bitcoin’s seven-day moving average hashrate climbed to nearly 700 EH/s on Tuesday, a 12% increase from 625 EH/s on Oct. 1. This rise is expected to lead to a difficulty increase of approximately 4.1% in one day.

As a result, Bitcoin’s mining hashprice is anticipated to fall below $45/PH/s following the difficulty increase on Wednesday, unless the market price of Bitcoin surges above $65,000.

On Sep. 11, Bitcoin’s mining difficulty set a new record, followed by a period of hashrate correction that reduced the difficulty on Sep. 26. Despite this correction, September managed to achieve a new monthly average hashrate record of around 642 EH/s.

Major public mining companies played a pivotal role in boosting Bitcoin’s hashrate over the past month. Notably, IREN increased its Bitcoin production in September by 40% compared to August, despite the all-time low daily production benchmark observed in September.

Earlier this month, Hurricane Helene impacted mining operations along its path, causing a short-term dip in Bitcoin’s hashrate before companies restored their power supplies. CleanSpark announced on Monday that it had fully resumed operations to 28.7 EH/s following the disruption caused by the hurricane.