Bitcoin Breaks Computational Power Record at 862 EH/s Amid Declining Mining Revenue
On Friday, the Bitcoin network saw a new record for computing power, as the total processing power of the network reached 862 exahashes per second (EH/s), breaking the record of 852 EH/s set in early February. Meanwhile, mining revenue is on a downward trend as the value of BTC declines.
Bitcoin's Massive Growth in Computational Power
On March 28, the Bitcoin network recorded a huge jump in computing power, reaching 862 EH/s, up 10 EH/s from the previous record. According to data from hashrateindex.com, as of 10:30 AM EST, the network's aggregate processing speed was holding at 857.77 EH/s. This reflects the network’s sustained growth despite difficult market conditions.
This is a major milestone for Bitcoin’s computing power, reaching a level when the network difficulty is at 113.76 trillion. The most recent peak, 114.17 trillion, was reached about seven weeks ago. According to current forecasts, the next difficulty adjustment, expected to take place around April 5, 2025, could increase by 5.33%, taking the difficulty past the previous all-time high.
Challenges from Falling Mining Revenue
While the Bitcoin network’s computing power is growing rapidly, miners are facing declining revenue due to the decline in the value of BTC. Two days ago, the hash rate — a measure of expected profit per petahash per second (PH/s) — was at $50.27. However, on March 28, the hash rate dropped to $47.11 per petahash.
The drop in mining revenue coupled with the increase in difficulty and computing power could pose a major challenge for miners. This raises questions about the future of Bitcoin mining as BTC valuation continues to weaken and the network prepares for a new difficulty adjustment.
Increasing Competition in the Mining Industry
With the computing power of the Bitcoin network continuously breaking records, the mining industry is becoming more and more competitive. This means that miners will need to invest in more powerful hardware to remain profitable, while operating costs continue to increase due to the increase in difficulty.
So, can this computing power continue to grow and develop amid the decrease in BTC price and the increase in mining difficulty? This is a question that is gaining traction across the industry, as investors and Bitcoin miners continue to closely monitor developments in the market.
With a new record in computing power, Bitcoin has once again proven its ability to grow and expand. However, the mining industry will face many challenges in the coming time as revenue decreases and difficulty continues to increase.