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Bitcoin is alive and kicking, spewing out impressive hashrate numbers like never before.
Bitcoin’s network processing power has reached an unprecedented 1 Zetahash per second (ZH/s), marking a major milestone in the cryptocurrency’s 16-year history.
Multiple blockchain tracking services confirmed the achievement between April 4-5, 2023, though they disagree on the exact timing of when the threshold was crossed.
Different Trackers Report Varying Dates For Historic Milestone
A Zetahash (ZH/s) is a unit of computational power used to measure Bitcoin’s hashrate, which reflects how much computing power is being used to secure the Bitcoin network through mining.
According to mempool.space data, Bitcoin’s hashrate peaked at 1.025 ZH/s on April 5. BTC Frame’s metrics showed a slightly earlier breakthrough at 1.02 ZH/s on April 4.
Meanwhile, Coinwarz reported an even higher peak of 1.1 ZH/s on April 4 at block height 890,915, but also suggested the network first hit the 1 ZH/s mark on March 24.
The differences stem from how each service calculates hashrate. Blockchain analyst Jameson Lopp previously pointed out that using one “trailing block” versus five blocks for estimation can result in differences exceeding 0.04 ZH/s.
Mitchell Askew, head analyst at Blockware Solutions, said viewing the raw Hashrate metric can be deceiving due to random variations in block times. He noted that Bitcoin’s 30-day moving average hashrate remains around 0.845 ZH/s.
Network Shows Massive Growth Since 2016
This achievement represents remarkable growth for the Bitcoin network. The current hashrate of 1 ZH/s equals 1,000 Exahashes per second, marking a 1,000-fold increase since late January 2016 when the network first reached 1 EH/s.
To put this computational power in perspective, Bitcoin now processes approximately 40,000 times more calculations per second than Litecoin, the second-largest proof-of-work cryptocurrency network. Based on Coinwarz data, Litecoin currently operates at just 2.49 Petahashes per second.
Commercial Mining Operations Drive Hashrate Growth
According to Askew, the surge in hashrate has coincided with increased competition among commercial Bitcoin mining firms. Miners are doubling down, and expanding sites and plugging in more efficient machines, he said. However, he warned that less efficient miners might struggle unless Bitcoin prices increase in the coming months.
At least 24 publicly listed companies now operate Bitcoin mining equipment, according to CompaniesMarketCap.com. MARA Holdings leads the pack with more than 50 EH/s of computing power. Other major contributors include Riot Platforms, Core Scientific, CleanSpark, Hut 8 Mining, and TeraWulf.
Most of the network’s hashrate flows through major mining pools, with Foundry USA Pool and AntPool controlling the largest shares, according to the Hashrate Index.
Record Hashrate Coincides With Market Downturn
The network’s technical achievement occurred during a sharp market decline. Bitcoin’s price fell 8% over a 24-hour period to $77,210, while US stocks experienced what analysts called the largest two-day loss ever.
Featured image from Gemini Imagen, chart from TradingView
They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
