Bitcoin’s hashrate has reached a record high of 769.8 exahashes per second (EH/s) on October 21, indicating increased security and computing power for the network. This surge in hashrate is a result of advancements in mining hardware, particularly the development of application-specific integrated circuits (ASICs), which have improved the efficiency and power of mining operations. However, the rising hashrate poses challenges for miners, as the computational difficulty and cost of mining also increase. This could particularly affect smaller mining operations, as the Bitcoin halving has reduced block rewards, squeezing profit margins. To survive these challenges, miners need energy-efficient infrastructure and access to low-cost power. Despite the rising difficulty, Bitcoin miners have been cautious about selling their holdings, as data shows a decrease in selling activity on centralized exchanges. In September, Bitcoin mining profitability declined compared to the previous month, and October is expected to be even more challenging. North American publicly listed mining companies expanded their share of the Bitcoin network in September, contributing 22.2% of the total mining activity. Marathon Digital and CleanSpark were among the top performers in terms of Bitcoin mining. Despite the positive outlook for the mining sector, some companies, like IREN, are facing legal issues related to misrepresentation of their high-performance computing capabilities. Overall, the Bitcoin hashrate reaching a new record high reflects the increasing security of the network, but miners are facing challenges due to rising costs and reduced block rewards.
