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Bitcoin hashrate approaches half a zettahash, setting new record

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TL;DR

  • Bitcoin’s hashrate hit a record-breaking 491.15 exahash per second (EH/s) at block height 787,895, coming close to half a zettahash, or 500 quintillion hashes per second.
  • Bitcoin’s hashrate experienced significant fluctuations throughout April, with the network recording an average of around 344.4 EH/s over the past 2,016 blocks.

On May 2, 2023, Bitcoin’s hashrate hit a record-breaking 491.15 exahash per second (EH/s) at block height 787,895, coming close to half a zettahash, or 500 quintillion hashes per second. This unprecedented surge in computational power occurs just two days before the network’s next difficulty change.

A month of fluctuating hashrates

Bitcoin’s hashrate experienced significant fluctuations throughout April, with the network recording an average of around 344.4 EH/s over the past 2,016 blocks. The hashrate dipped below 300 EH/s five times since April 2, 2023. Despite this, the network reached an all-time high of 491.15 EH/s on May 2.

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However, slower block intervals marked April, with block times exceeding the ten-minute average consistently over the month. This slowdown resulted in a substantial backlog in the mempool, leaving over 240,000 transactions unconfirmed as of 8:30 a.m. Eastern Time on May 2.

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Zettahash era on the horizon?

The current hashrate spike follows a previous milestone on April 18, 2023, when the network reached 440.80 EH/s at block height 786,013. With the new all-time high approaching half a zettahash, the network is edging closer to the zettahash era—a sextillion hashes per second. River Financial research analyst Sam Wouters predicted that, at the current growth rate, Bitcoin could reach a zettahash by the end of 2025.

Despite the record-setting hashrate, block times still lag behind the ten-minute average, and a downward difficulty adjustment of 1.22% to 2% is anticipated.

Currently, Foundry USA is the leading mining pool, commanding 107.66 EH/s or 31.17% of Bitcoin’s total hashpower. Antpool follows with 80.75 EH/s, while F2pool, Binance Pool, and Viabtc boast 42.62 EH/s, 29.91 EH/s, and 23.18 EH/s, respectively.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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