As analysts bitcoin-price-prediction-analyst-hints-at-bull-run/” rel=”nofollow”>continue debating the future of the flagship cryptocurrency, bitcoin, the bitcoin-hashrate-publicly-companies-spikes-19/” rel=”nofollow”>network hashrate has seen exponential growth, and this key indicator is poised to see a 100% increase (since the beginning of the year) bitcoin-miners-plan-grow-hashrate-50-2022/” rel=”nofollow”>before the year ends.
How the bitcoin hashrate has grown
The hashrate, which is used to measure computing power. bitcoin-mining-everything-you-need-to-know/” rel=”nofollow”>accustomed to mine and process transactions on the network, currently (at the time of writing this article) bitcoin-network-hashrate” rel=”nofollow”>it’s found at 445 exahashes per second (EH/s). This figure represents a significant increase, considering that the network hashrate stood at 255 EH/s on January 1, 2023.
<img decoding="async" class="alignnone size-medium wp-image-555535 aligncenter" src="https://technicalterrence.com/wp-content/uploads/2023/10/Bitcoin-Hashrate-Set-to-Complete-100-Growth-in-2023.png" alt="bitcoin hash rate” width=”460″ height=”316″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/10/Screenshot-2023-10-16-at-10.33.35.png?w=2458 2458w, https://technicalterrence.com/wp-content/uploads/2023/10/Bitcoin-Hashrate-Set-to-Complete-100-Growth-in-2023.png 460w, https://www.newsbtc.com/wp-content/uploads/2023/10/Screenshot-2023-10-16-at-10.33.35.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/10/Screenshot-2023-10-16-at-10.33.35.png?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/10/Screenshot-2023-10-16-at-10.33.35.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/10/Screenshot-2023-10-16-at-10.33.35.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/10/Screenshot-2023-10-16-at-10.33.35.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/10/Screenshot-2023-10-16-at-10.33.35.png?w=1140 1140w” sizes=”(max-width: 460px) 100vw, 460px” loading=”lazy” data-recalc-dims=”1″/>
Hashrate almost 100% up | Source: bitcoin/hashrate-chart" rel="nofollow">CoinWarz
These figures mean that the network’s hashrate has grown by 190 EH/s since the start of the year and, at this rate, could well reach 510 EH/s by the end of the year, indicating a 100% increase since the year began. These figures also suggest that bitcoin-retests-27000-miners-biggest-selloff-april/” rel=”nofollow”>more miners have jumped onto the bitcoin blockchain, becoming faster and more secure as a result.
At this rate, the hashrate could also be on track to meet some of the predictions made by analysts. In March, a River Financial research analyst, Sam Wouters, noted the impressive growth rate and predicted that the bitcoin hashrate could reach a “Zettahash by the end of 2025.” One Zettahash is equivalent to 1,000 EH/s.
Following this current pace, some have bitcoin.com/bitcoin-hashrate-reaches-400-exahash-per-second-researcher-says-network-could-reach-zettahash-era-by-2025/” rel=”nofollow”>noted that Wouters’ prediction could come true on December 23, 2025 or early 2026.
Despite this significant growth rate, it is worth mentioning that bitcoin-miner-hash-price-declines-new-all-time-low/” rel=”nofollow”>bitcoin hash price has remained quite warm during this same period. The hash price refers to the income generated by miners by tera-hash.
The price of the hash is currently close to $60, almost the same figure as at the beginning of the year. Notably, the biggest payday for miners occurred on May 8, 2023, when the hash price was $125.
Where does bitcoin hashrate come from?
In its cheep In March, Wouters also attempted to analyze where bitcoin‘s hashrate growth could come from. He shared his belief that the added hashrate was unlikely to occur. bitcoin-mines-us-national-security-alarms/” rel=”nofollow”>of nation-states, as some people may suggest. According to him, the chances of nation-states providing computing power to the network and remaining secret are low, as “there are too many people involved in executing massive operations.”
He concluded by stating that the source of the added hashrate was “nuanced” as it could simply be the result of factors such as the introduction of new models to the market, unused inventory online, more facilities in operation and bitcoin-mining-in-bhutan/” rel=”nofollow”>also entrepreneurs that they are finding cheap sources before regulators intervene.
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/zwqUXxYk/" alt="Tradingview.com bitcoin Price Chart (Hashrate Mining)” width=”2804″ height=”1746″ loading=”lazy”/>
btc recovers as mining interest grows | Source: BTCUSD on Tradingview.com
Featured image from Coinmama, chart from Tradingview.com
