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This article is also available in Spanish.
Bitcoin is alive and kicking, spitting out an impressive hashrate count like never before.
Bitcoin’s network processing power reaches an unprecedented Zetahash (Zh/s) per second, marking a major milestone in the 16-year history of cryptocurrency.
Multiple blockchain tracking services confirmed achievement between April 4-5, 2023, but we disagree with the exact timing of when the thresholds cross.
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Various trackers report different dates for historic milestones
Zetahash (Zh/s) is a unit of computing power used to measure the hash rate of Bitcoin, reflecting the computing power used to protect the Bitcoin network through mining.
Bitcoin hashrate peaked at 1.025 ZH/s on April 5, according to data from Mempool.space. The BTC frame metric showed a slightly earlier breakthrough on April 4th at 1.02 ZH/s.
Meanwhile, Coinwarz reported an even higher peak of 1.1 Zh/s at Block Height 890,915 on April 4, but also suggested that on March 24, the network first hit the 1 Zh/s mark.
The difference comes from the way each service calculates the hashrate. Blockchain analyst Jameson Lopp previously pointed out that using one “trailing block” and five blocks for estimation could lead to a difference of more than 0.04 Zh/s.
Mitchell Askew, head analyst at Blockware Solutions, said seeing raw hashrate metrics can be deceived due to random variations in block time. He noted that Bitcoin’s 30-day moving average hashrate remains around 0.845 Zh/s.
The network shows the greatest growth since 2016
This achievement represents the pronounced growth of the Bitcoin network. The current hashrate of 1 Zh/s equals 1,000 evash per second, indicating a 1,000-fold increase since late January 2016, when the network first reached 1 Eh/s.
To put this computational power into perspective, Bitcoin processes around 40,000 times more calculations per second than Litecoin, the second largest cryptocurrency network. Based on Coinwarz data, Litecoin currently runs at just 2.49 peta hash per second.
Commercial mining operations promote hashrate growth
According to Askew, the surge in hashrates is consistent with increasing competition among commercial Bitcoin mining companies. Miners are doubling, expanding their sites and stuffing them with more efficient machines, he said. However, he warned that inefficient miners could struggle unless Bitcoin prices rise in the coming months.
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At least 24 publicly available companies operate Bitcoin mining equipment, according to Companiesmarketcap.com. Mara Holdings leads the pack with over 50 EH/s computing power. Other key contributors include Riot Platforms, Core Scientific, CleanSpark, Hut 8 Mining and Terawulf.
According to the hashrate index, the majority of the network’s hashrate flows through major mining pools, with Foundry USA and Antpools controlling the largest shares.
Record hashrates coincides with market slump
The network’s technical achievements occurred during a rapid market decline. Bitcoin price fell 8% in 24 hours to $77,210, but US stocks have experienced what analysts called their biggest two-day loss to date.
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