Bitcoin Hashrate Peaks, Growing by Over 9.6% in Just One Week

On October 26, Bitcoin's hashrate soared to a new peak of 741 EH/s. Just a week earlier, on October 19, it hovered around 676 EH/s, reflecting a gain of over

Bitcoin's (CRYPTO: BTC) hashrate hit a new peak on Wednesday, continuing a rapid ascent that began earlier this year.

What Happened: Hashrate Index data showed that BTC's computing power reached a new high of 741 EH/s on October 26.

The latest peak marks a 9.6% increase in a week and a 16.6% surge in a month, with over 103 EH/s being added since September 26.

YCharts data showed that Bitcoin's hashrate value was at 727.66 million on October 25, up from 699.12 million the previous day and 455.08 million a year ago.

The rising hashrate is said to be driven by the use of more advanced mining equipment and funding advantages, with top U.S.-listed Bitcoin miners controlling nearly 30% of the global network hashrate.

Research analyst Sam Wouters had predicted that Bitcoin could be entering its Zettahash era in March 2023, when the hashrate first crossed 400 EH/s.

At the time, he estimated that if the hashrate maintained its growth rate, the leading crypto could hit a Zettahash by the end of 2025.

The current hashrate levels align with Wouters' projections.

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Bitcoin Mining Difficulty, Hashrate Now

Coinwarz data showed that the current BTC mining difficulty is at 95.67 trillion at block 867,462, showing an almost 4% increase in a week and a 17% spike in three months.

The Bitcoin network is now close to its next difficulty adjustment, which is expected in nine days, where the difficulty is set to cross the 98.8 trillion mark.

Despite the increasing difficulty in mining Bitcoin, BTC miners continue to generate millions of dollars in earnings from their mining activity.

As of October 25, Bitcoin miners earned over $34 million, although this marks a slight decrease from the earnings of $38.38 million on October 20.

The leading crypto was trading at $67,240 at the time of writing, continuing an impressive six-week price rally and notching a 0.89% gain in 24 hours.