Bitcoin Hashrate Hits All-Time High as Publicly-Listed Miners' Share of the Network Peaks
Bitcoin's seven-day moving average hashrate reached an all-time high of 703 EH/s, surpassing 700 EH/s for the first time. This represents a nearly 13% increase since the April halving event, which reduced daily bitcoin production to 450 BTC. Twelve top publicly traded miners accounted for 28.9% of the total hashrate in September, contributing over 200 EH/s, with a nearly 10% increase since October 2022. Major gainers in hashrate growth include CleanSpark, MARA Holdings, Riot Platforms, and IREN. The mining industry faces profitability challenges due to capital intensity and halving events, leading weaker miners to exit the network. Bitcoin's hashprice rose to $50 per PH/s, driven by a price increase to $68,000 and higher transaction fees. A difficulty adjustment of over 4% is expected on October 23 due to the hashrate increase.
