The Bitcoin hashrate has reached a new all-time high, showcasing the growing security of the world's first blockchain network.
The Bitcoin network hashrate -- the sum total computing power securing the Bitcoin network -- reached a new all-time high of 769.8 exahashes per second (EH/s) on Oct. 21.
Hashrate has been in a steady uptrend since 2021, BitInfoCharts data shows. The growing hashrate is widely correlated with developments in mining hardware like application-specific integrated circuits (ASICs).
While the Bitcoin hashrate is a sign of the network's growing security, it also means that the cost to mine 1 Bitcoin BTC $68,300 is increasing.
Paired with the block reward reduction from the 2024 Bitcoin halving, the growing hashrate could lead to miner consolidation among smaller firms.
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This is a developing story, and further information will be added as it becomes available.