Despite Bitcoin’s difficulty reaching an all-time high of 46.84 trillion, bitcoin miners have kept the hashrate running stronger than ever. According to statistics, on March 23, 2023, the hashrate peaked at 400 exhash per second (EH/s). The 400 exhash is equal to 0.4 zettahash or four hundred quintillion hashes per second. As the hash rate continues to rise, River Financial research analyst Sam Wouters estimates that at the current growth rate, Bitcoin could reach the zettahash era “by the end of 2025.”
Reasons for the increase in Bitcoin hash rate: information from River Financial Analyst
Two days ago, Bitcoin.com News reported that the difficulty of the Bitcoin network had increased for the third time in a row in the last six weeks. The difficulty is now at an all-time high of around 46.84 trillion after rising 7.56% on March 23, 2023. On the same day, Bitcoin’s hashrate peaked at 400exhash per second, which is an unimaginable four hundred quintillion hashes per second. Soon, Bitcoin’s hash rate will likely reach a single zettahash, which is equal to 1,000 EH/s or one sextillion hashes per second.
After Bitcoin’s hash rate spiked to 400 EH/s, River Financial Research Analyst Sam Wouters fixed which has received numerous inquiries about the increase. Wouters also estimated that “at the current growth rate in 2023, we would reach a Zettahash by the end of 2025.” Some have questioned whether the growth is due to nation-states or secret mining operations contributing to the increase. Wouters said he finds it “unlikely that the aggregate hashrate will come primarily from nation-states.”
The analyst also acknowledged rumors that miners hold “significant inventories” of unused application-specific integrated circuit (ASIC) miners. Wouters said that with BTC‘s price increase, “more of this inventory has been able to come online.” The River Financial analyst also mentioned the use of hydropower ASIC units, which he said contribute a “tremendous hashrate” and are estimated to have the highest average profitability today. Wouters stated that he has written a report about what mining will look like in the zettahash era when Bitcoin reaches the 1 zettahash milestone.
River Financial Analyst Explain that the current increase in hash rate could be due to a variety of factors, including “unused inventory online,” “new models available,” “more operational facilities,” and “savvy entrepreneurs finding low-cost sources before they regulators intervene. .” In Wouters’ December 2022 study, the analyst states that a wide-range estimate indicates that there are approximately 2.5 million to 5 million ASIC miners in operation today. Research shows that without any improvement in miner efficiency, around 11.2 million would be needed to support a hash rate of 1 zettahash.
What do you think about the future of Bitcoin mining and its potential to reach the zettahash era? Do you think the industry will continue to experience significant growth, or are there potential roadblocks that could hinder your progress? Share your thoughts in the comments below.
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