Bitcoin, the world’s leading cryptocurrency, reached an unprecedented milestone on November 22, 2023, as its hashrate surged to a historic peak of 500 exahash per second (EH/s). This extraordinary level, equivalent to 0.5 zettahash per second (ZH/s), was calculated based on a seven-day moving average. The achievement marks a groundbreaking moment in Bitcoin’s history, with the three-day moving average indicating a further increase to an impressive 526 EH/s.
The hashrate, a measure of the total computational power dedicated to mining and securing the Bitcoin network, reflects an exponential growth trajectory. Since Bitcoin’s inception on January 3, 2009, when the hashrate was 4.21 million hashes per second (H/s) or 4.21 megahash per second (MH/s), it has now soared to an astronomical 500 EH/s. This remarkable ascent represents an astonishing eleven trillion percent increase in H/s over 5,412 days, nearly 15 years.
Bitcoin miners have played a crucial role in this achievement, accumulating significant revenue in November. As of the disclosed date, miners had already earned $861.07 million, nearing the total revenue of $885.05 million generated in the entire month of October. Fee-generated income has been a notable contributor, reaching $113.52 million in November, positioning it as the second most lucrative month of 2023 in terms of fees alone.
The daily value of a petahash per second (PH/s) reached $96.36 on November 16, showcasing the financial strength of Bitcoin mining operations. Throughout the month, a total of 1,077 blocks were mined, with leading mining pools such as Antpool and Foundry USA making substantial contributions.
Bitcoin’s hashrate surge in 2023 is particularly noteworthy, with a remarkable increase of 238 EH/s in the span of the year alone. This growth underscores the robustness and resilience of the Bitcoin network, highlighting its ability to attract and sustain significant computational power.
As Bitcoin continues to break records and demonstrate its robust fundamentals, the cryptocurrency ecosystem anticipates further developments and milestones in the evolving landscape of decentralized digital assets.
