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Bitcoin continues to thrive, spitting out hashrates that are impressive like never before.
Bitcoin’s network processing has reached a new record of 1 Zetahash each second. This marks a milestone in Bitcoin’s 16 year history.
Multiple blockchain tracking services have confirmed that the milestone was reached between April 4, 5 and 6, 2023. They disagree, however, on the precise date.
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Different Trackers report varying dates for Historic Milestone
Zetahash is the unit used for measuring Bitcoin hashrate. It reflects what computing power is used in order to protect the Bitcoin network by mining.
Data from mempool.space shows that the number of people using the site is increasing. Bitcoin’s hashrate On April 5, the peak was 1.025 ZH/s. BTC Frame’s metrics The breakthrough was slightly faster at 1,02 ZH/s, on April 4th.
Coinwarz, meanwhile, reported a peak even higher of 1.1ZH/s at 890,915 block height on 4 April, but suggested that the network had first reached the 1ZH mark on 24 March.
There are differences in the way each service calculates hashrate. Jameson Lopp, a blockchain analyst at the time, had previously stated that it is possible to use one Blockchain. “trailing block” The difference between five blocks and the average ZH/s can be greater than 0.04 ZH/s.
Mitchell Askew said the Hashrate raw metric is misleading because of random variation in block time. The 30-day average Bitcoin hash rate is around 0.8445 ZH/s, he said.
Network shows massive growth since 2016
This is a remarkable achievement for the Bitcoin Network. Hashrates are currently at 1,000 Exahashes/second, which is 1 ZH/s. 1,000-fold increase Since late January 2016, when the first EH/s network was reached.
In order to put the computational power of Bitcoin into perspective, it now performs approximately 40,000 more calculations every second than Litecoin. Litecoin is currently the second largest proof-of work cryptocurrency network. Litecoin operates with just 2,49 Petahashes a second, according to Coinwarz.
Hashrate growth is driven by commercial mining operations
Askew believes that increased commercial competition has led to an increase in the hashrate. Bitcoin mining firms. According to him, miners are expanding and installing more efficient machines as well as increasing their site size. But he cautioned that less-efficient miners may struggle in the future if Bitcoin’s price does not increase.
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At least 24 publicly listed companies now operate Bitcoin mining equipment, according to CompaniesMarketCap.com. MARA Holdings is the leader with over 50 EH/s in computing power. Riot Platforms and Core Scientific are also major contributors. Hut 8 Mining and TeraWulf have contributed as well.
According to Hashrate Index, the majority of network hashrate is generated by major mining pools. The largest are Foundry USA Pool, AntPool, and Foundry USA Pool.
Market Downturn coincides with record hash rate
Technically, the network achieved its technical success during a period of sharp decline in the market. Bitcoin’s price fell Analysts have called it the biggest two-day drop in US stock prices ever.
Chart by TradingView. Image from Gemini Imagen.
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Source: www.newsbtc.com
