Bitcoin’s hashrate has reached unprecedented levels, surging to 455 exahash per second (EH/s) on October 12, 2023, as measured by a seven-day simple moving average (SMA). In just nine months, this represents a remarkable increase of 194 EH/s, with the hashrate sitting at 261 EH/s at the beginning of the year, bringing it tantalizingly close to half a zettahash.
The network’s computational power expanded at an average daily rate of 0.68 EH/s this year, despite 15 difficulty adjustments aimed at maintaining equilibrium. With the hashrate soaring, the upcoming difficulty adjustment scheduled for October 16, 2023, could result in an increase of over 7%. If this trend continues, Bitcoin may soon breach the half-zettahash per second (ZH/s) milestone, approximately 500 EH/s, potentially prior to the next reward halving.
If the current growth rate persists, the seven-day SMA could touch 500 EH/s in approximately 66 days, or around December 20, 2023. River Financial’s research analyst, Sam Wouters, previously estimated that Bitcoin might reach the zettahash era, equivalent to 1,000 EH/s, by the end of 2025. With the current pace of 0.68 EH/s per day, this milestone could be realized around December 23, 2025, or early 2026.
Despite Bitcoin’s price fluctuations and low overall mining profitability, the hashrate continues to surge. As of October 15, 2023, the daily output for a petahash per second (PH/s) remains under $60. The network’s difficulty stands at a towering 57.32 trillion and is expected to increase further, potentially exceeding 61 trillion.
