Bitcoin's Hashrate Achieves Unprecedented 500 EH/s Milestone

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Bitcoin's hashrate soared to an unprecedented level, reaching an extraordinary 500 exahashes per second (EH/s) on November 22, 2023. Tracked meticulously by Luxor's, this achievement, calculated on a seven-day moving average, marks a remarkable half a zettahash per second, equivalent to an astonishing 500 quintillion hashes every second.

The surge in hashrate, a key metric indicating the computational power securing the Bitcoin network, was particularly notable during a 7:00 p.m. Eastern Time peak. For the first time in the cryptocurrency's history, the three-day moving average revealed an even more impressive figure, peaking at a substantial 526 EH/s.

Record-Breaking Revenue and Fee Momentum

As the month of November unfolds, Bitcoin miners find themselves on the verge of eclipsing the total earnings amassed in October. Presently, Bitcoin miners have amassed a staggering $861.07 million in revenue for November, showcasing a strong likelihood of surpassing the $885.05 million garnered in the previous month. October's earnings included a noteworthy $20.96 million from fees, a trend that has escalated in November, with fee-generated income already reaching $113.52 million.

November is poised to become the second most lucrative month of 2023 solely in terms of fee-generated income, potentially surpassing the record $125.92 million collected in May. Notably, the daily value of a petahash per second (PH/s) spiked to $96.36 on November 16, diverging from the $82 to $85 range observed over the preceding days. During the past week, miners successfully mined a total of 1,077 blocks, with leading contributions from Antpool (297 blocks) and Foundry USA (294 blocks).

Astronomical Growth: From Megahashes to Exahashes

Bitcoin's hashrate trajectory has been nothing short of meteoric since its first difficulty epoch at block height 2,016. Commencing at a modest 4.21 million hashes per second (H/s) or 4.21 megahashes per second (MH/s), the hashrate has undergone an extraordinary eleven trillion percent surge in H/s since January 27, 2009, spanning almost 15 years or 5,412 days. In the course of this year alone, the hashrate has witnessed a staggering increase of 238 EH/s.

As Bitcoin continues to scale new heights, the robust hashrate underscores the resilience and growing interest in the cryptocurrency, solidifying its position as a formidable force in the global financial landscape.

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