Bitcoin, a digital currency, has seen an increase in its computing power (hashrate) used to mine it since 2016. This power has increased more than sixfold since November 2019, and 94% of the bitcoin supply has been mined. Hashrate measures the number of guesses used to solve complex mathematical problems that validate the network’s stable operation.
The graph shows this development, with data from Blockchain.com. The total bitcoin hash rate reached 693.1 million terahashes per second at the end of October, a significant increase since February. The fourth halving event in April 2024 saw the reward for mining bitcoins halved, making it difficult for miners to profit.
However, rising hashrates indicate an increasing number of active miners, suggesting a strong bull market outlook. Notable bitcoin miners include publicly traded companies like Core Scientific, Riot Platforms, and Marathon Digital. These companies use special hardware to operate machines capable of trillions of hashes per second.
Core Scientific, for example, operates 169,000 miners, while Riot Platforms plans to deploy at least 100,000 miners by 2025. The performance of these mining companies varies. Core Scientific is one of the best-performing mining companies this year, with a return of 267% through November 4, while Riot Platforms and Marathon Digital have both dropped over 20%.
Bitcoin’s price, however, rose by 53% to an exchange rate of almost 80,000 dollars at the time of writing.
