Bitcoin’s network just smashed a record! Its processing power, called the hashrate, recently topped an incredible 1 Zetahash per second (ZH/s). That’s a huge milestone in Bitcoin’s 16-year history.
When Exactly Did It Happen?
Different websites tracking Bitcoin’s hashrate report slightly different dates. Some say it happened around April 4th, 2023, others say April 5th. The discrepancies are due to how each site calculates the hashrate – using different methods can lead to different results. One expert pointed out that even a small difference in the calculation method can lead to a significant difference in the final number. It’s also important to remember that the hashrate fluctuates constantly. The 30-day average is a more stable measure.
Just How Powerful Is That?
A Zetahash (ZH/s) is a massive amount of computing power. To put it in perspective:
- It’s 1,000 Exahashes per second (EH/s)!
- That’s a 1,000-fold increase since late January 2016 when Bitcoin first hit 1 EH/s.
- Bitcoin’s current processing power is about 40,000 times greater than Litecoin’s.
Who’s Behind This Surge?
This massive increase in hashrate is largely due to increased competition among big Bitcoin mining companies. They’re investing heavily in more powerful and efficient mining equipment. However, this growth isn’t without its challenges. Less efficient miners might struggle if Bitcoin’s price doesn’t go up. At least 24 publicly traded companies are involved in Bitcoin mining, with MARA Holdings leading the way. Most of the mining happens through large mining pools, with Foundry USA Pool and AntPool being the biggest players.
A Record Despite a Market Dip
Interestingly, this record-breaking hashrate happened at the same time as a significant drop in Bitcoin’s price and a major downturn in the stock market. Bitcoin’s price fell 8% in a single day, highlighting the fact that the network’s technical performance isn’t always directly tied to its market value.
