According to recent data, bitcoin’s total hashrate achieved a record high this week, based on the seven-day simple moving average (SMA). On July 25, the hashrate, measured by the seven-day SMA, reached 677 exahash per second (EH/s), surpassing the 659 EH/s recorded on May 25.

Bitcoin Hashrate Breaks Records

Bitcoin’s hashrate has reached new peaks this week, coinciding with an increase in the price of the leading crypto asset over the past seven days. Data from Luxor’s hashrateindex.com indicates that on Thursday, July 25, 2024, the hashrate reached 677 EH/s, approximately 18 EH/s higher than the 659 EH/s recorded on May 25.

Network hashrate 7-day SMA.

Although the seven-day SMA provides the most accurate hashrate reporting, the three-day SMA shows a higher output. Additionally, this brings the all-time high back by three days to July 22, when it recorded 707 EH/s.

Network hashrate 3-day SMA.

The rise in hashrate can be attributed to the increasing hashprice, or the expected value of 1 petahash per second (PH/s) of hashpower. Currently, the hashprice is $52.85 per PH/s, and on the day the seven-day SMA reached 677 EH/s, the hashprice was $50.27 per PH/s. These prices per petahash are slightly better than the $48.36 per PH/s miners saw at the start of July.

The increased hashrate has led to faster block times, and as of 8 a.m. EDT on July 28, block intervals have ranged from 9 minutes 4 seconds to 9 minutes 16 seconds. This could result in a significant difficulty increase, estimated to occur on July 31, 2024. Current estimates suggest the difficulty rise could be the largest of the year, ranging from 7.36% to 10.17%. The difficulty could surpass the previous high of 88.10 trillion recorded on April 24.