exahash

The Bitcoin Network’s Hashrate Now Exceeds Six Exahash

Last May Bitcoin.com reported on how the Bitcoin network’s hashrate surpassed four exahash per second. Just two months later on July 1st, the hashrate has increased another two exahash which transcended to a high of 6,622,799,000 GH/s according to Blockchain.info and Bitcoin Wisdom statistics.

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The Exahash Era: Bitcoin Hashrate Breaks Another Record

The first week of July is showing the vast power of the Bitcoin network as miners are currently processing transactions at a whopping 5,808,727,020 GH/s. On July 1st miners pushed the hashrate up over six exahash per second reaching it’s highest point ever recorded. The mining ecosystem is far bigger than during the early days, as miners progressed from CPU mining, GPU mining, FPGA Mining, to giant warehouses filled with ASIC miners.

The Bitcoin Network's Hashrate Exceeds Six Exahash on July 1st
Bitcoin hashrate exceeds six exahash on July 1, 2017.

Furthermore, there are far more mining pools today, as there are currently 24 known pools taking a portion of the hashrate pie. Things are quite different than the early days when one single bitcoin enthusiast like Artforz captured a significant portion of the network’s hashrate. People also often forget when the mining pool Ghash.io passed the 51 percent mark in 2014, as pools in 2017 are more diversified than ever before. Only three pools command more than ten percent of the hashrate while the other 21 pools process less than ten percent.

Hashrate Has Jumped Leaps and Bounds Since 2009

The two exahash increase over the past month and a half has coincided with bitcoin’s rising fiat value, increased demand and mining revenue at all-time highs. Moreover, mining revenue has increased while the block reward has decreased since 2009’s first fifty BTC reward to 12.5 BTC per block, with the reward expected to continue to halve approximately every four years. In September of 2013, the hash rate had only hit one petahash per second, so the hashrate is expanding significantly yearly. The six exahash record also comes only one year and six months after the network topped one exahash or 1000 petahashes per second.

The Bitcoin Network's Hashrate Exceeds Six Exahash on July 1st
Miners revenue at an all time high as miners receive 12.5 BTC per block.

A Pure and Voluntary Economic Incentive Continues to Amass Significant Power

The exponential rate growth will someday surpass the exahash era (exabytes) and could reach zettabytes or even yottabytes per second. This will likely take many years as 500 exabytes is only one-half of a zettabyte.

The record-breaking six exahash is another landmark achievement for the Bitcoin network as the innovative protocol has reached many milestones this year. It’s an amazing feat to see such power obtained without a large corporation or government backing. All of the hashrate power is commanded by miners choosing to join the decentralized system voluntarily, all thanks to the economic incentive of the block reward plus transaction fees.

What do you think about the Bitcoin network’s hashrate surpassing six exahash per second? Let us know in the comments below.


Images via Pixabay, and Blockchain.info.


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  • Zyo

    When I see the hashrate increase it’s reassuring, people are still investing and thus believing in Bitcoin. Most mining operation makes money after multiple months if not a full years. Having an huge hash rate like that also make bitcoin safe against government or rich guy…. we have to keep in mind that even if a gov with billions of dollars want to have 50% of the hash power he still need to get the machine or build them.

  • We can use the heat produced by the ASIC equipments and produce electricity.

    • LOL, that is a good one! As for the source of energy, since that is the factor that will drive profit or loss, it would not surprise me to see some Bitcoin mining operations coming up with clever new ways to utilize whatever energy is in the ambient environment, or maybe even micro-nuclear devices (not everything nuclear is a bomb, don’t freak out!).

      It would also not surprise me to see Bitcoin mining operations that burn coal 24/7. I guess most rely on that at this point in time. It probably directly reflects the electricity grid’s energy source distribution. Maybe that will be forced to change by someone who wants to profit a lot ;).

  • Mikael Arhelger

    This power in use begs the question how many TH/s one needs at home to run a decent ROI when joining any pool. Seems anything less than 20 TH/s makes no sense to even begin. Got any idea?