Bitcoin’s Hashrate Hits 7-Day Record High, Surging to 566 EH/s Amid Anticipation of Upcoming Difficulty Adjustment

Bitcoin’s Hashrate Hits 7-Day Record High, Surging to 566 EH/s Amid Anticipation of Upcoming Difficulty Adjustment

Bitcoin’s computing power has soared to unprecedented levels, with the seven-day simple moving average (SMA) peaking at 566 exahash per second (EH/s) as of Jan. 30, 2024. Despite experiencing a slight decline in mid-January, the network’s hashrate is on an upward trajectory, in anticipation of the expected difficulty adjustment set for Feb. 2, 2024.

Bitcoin Sets New Computational Milestone With 566 EH/s Hashrate

On Jan. 30, 2024, Bitcoin’s total hashrate achieved a milestone, reaching 566 EH/s, as evidenced by the seven-day simple moving average (SMA). It’s natural to question why higher hashrate figures might appear higher in 24-hour or three-day analyses. The discrepancy arises because these shorter-term metrics are commonly used but don’t offer the same consistency as the seven-day SMA.

Luxor‘s mining operation, through its website hashrateindex.com, clarifies that most analyses typically focus on periods covering three days (432 blocks), seven days (1,008 blocks), and 30 days (4,320 blocks), highlighting the varied approaches to measuring Bitcoin’s computational strength.

“The downside of the 3-day view is that faster or shorter blocks can distort the hashrate estimate, making Bitcoin’s total hashrate appear larger or smaller than it really is,” the website notes.

Luxor’s summary adds:

While less current than the 3-day, the 7-day or 1,008 blocks hashrate metric is less influenced by bitcoin mining luck and block times, and so miners see it as a more accurate estimate. The 7D is the industry standard for hashrate reporting.

After reaching a peak of 566 EH/s, the latest seven-day simple moving average (SMA) data indicates that the network’s computational capacity is currently maintaining a steady pace at 552 EH/s. Data from a three-day period revealed the network achieved a maximum of 598 EH/s on Jan. 12, 2024, as per the shorter-duration analysis.

Miners are bracing for an anticipated hike in mining difficulty, expected to occur within the next 24 hours, which will render BTC mining more challenging. Projections suggest an increase in difficulty ranging from 5.68% to 6.5% is on the horizon.

What do you think about the hashrate tapping unprecedented levels before the next difficulty retarget? Share your thoughts and opinions about this subject in the comments section below.