Bitcoin’s Hashrate Skyrockets: On Track to Hit Half a Zettahash Milestone by Year’s End
On
October 12, 2023, Bitcoin’s hashrate hit an unprecedented high,
clocking in at 455 EH/s, as per the seven-day SMA. Rewind to the beginning of 2023, and the hashrate was a mere
261 EH/s. This means that over the course of nine months, the hashrate expanded by
194 EH/s. In simpler terms, the network’s computational prowess grew by
0.68 EH/s daily this year, notwithstanding the
15 difficulty adjustments that increased.
With the hashrate soaring to new heights, the imminent difficulty adjustment, slated for
October 16, 2023, could see an increase of
over 7%. If miners remain unfazed by these adjustments and the hashrate maintains its upward trajectory, Bitcoin could soon hit the half zettahash per second mark (ZH/s),
or roughly 500 EH/s. If the hashrate maintains this momentum, it will likely
reach the 500 EH/s milestone ahead of the next reward halving.
If the hashrate sustains its current
growth rate of 0.68 EH/s per day, we could see the seven-day
SMA touch 500 EH/s in roughly 66 days, or 9-10 weeks – on or around
December 20, 2023. Earlier this year, River Financial’s research analyst Sam Wouters estimated that Bitcoin could enter the zettahash era, equivalent to 1,000 EH/s,
“by the end of 2025.” Given the current growth rate of 0.68 EH/s per day, this milestone could be reached around
December 23, 2025, or potentially at the beginning of 2026.
Despite BTC’s price wandering and the overall hash price remaining low for miners, hashrate records continue to jump higher. On
October 15, 2023, the output for a petahash per second (PH/s)
is under $60 daily. Moreover, the network’s difficulty is
towering at 57.32 trillion, and with the upcoming estimated hike, it might
soar past 61 trillion.
