Bitcoin Hashrate Hits New ATH Exceeding 740 EH/s

The hash rate of the Bitcoin network reached a new all-time high on September 3rd, surpassing 740 exahashes per second (EH/s). This comes even as Bitcoin prices trade below $60,000.

ONLY IN: #BitcoinHash rate has reached a new ALL TIME HIGH 🚀 pic.twitter.com/BiLY3pRRIV

— Bitcoin Magazine (@BitcoinMagazine) September 3, 2024

A higher hash rate reflects more computing resources spent processing transactions and mining new Bitcoins. This is despite Bitcoin falling more than 10% this week, highlighting the disconnect between network fundamentals and short-term prices.

Top mining companies such as Whatsminer and MicroBT are releasing advanced machines to take advantage of the increased hash rate. Whatsminer introduced four new mining rigs and an upcoming solar-powered mining container system. Meanwhile, MicroBT launched its M6XS+ miners, capable of processing between 190 and 450 terahas.

Riot Platforms also acquired Block Mining for $92.5 million to increase its hash rate and expand its market presence. In addition, miners are looking to AI integration and potential acquisition opportunities to address persistent identity challenges in the industry.

Bitcoin’s rising hash rate indicates strong confidence in its long-term sustainability. With significant advances in mining technology and favorable political conditions boosting profits, miners are rapidly expanding their infrastructure to handle transactions and secure the Bitcoin network.

Although the hash rate does not directly influence the price of Bitcoin, it strengthens the security of the underlying network. Hashrate milestones also tend to precede bullish market movements and Bitcoin halving events.