Bitcoin Hashrate Surpasses 1 Zetahash for the First Time
On April 5, the Bitcoin network achieved a historic milestone as its hashrate exceeded 1 Zetahash per second (ZH/s) for the first time in its 16-year history. This remarkable achievement corresponds to over 1,000 Exahashes per second, marking a 1,000-fold increase since January 2016, when the network first reached 1 EH/s. Despite slight variations in calculations among different hashrate trackers, the trend is unmistakable: the computational power of the Bitcoin network continues to grow exponentially.
According to BTC Echo, this surge in hashrate underscores the confidence of market participants in the network's decentralization and security, even as Bitcoin's price has recently dropped below $75,000 due to macroeconomic uncertainties, including tariffs announced by former President Trump. The second-largest Proof-of-Work blockchain, Litecoin, currently operates at a significantly lower hashrate of 2.49 Petahashes per second, making it approximately 40,000 times less computationally powerful—and less secure—than Bitcoin.
"The miners are doubling down: They are expanding their facilities and deploying more efficient machines," said Mitchell Askew, Chief Analyst at Blockware Solutions. He also noted that less efficient miners might soon be forced out of the market.
This new all-time high in Bitcoin's hashrate comes amidst a broader market downturn, with altcoins also experiencing significant losses on what has been dubbed a new "Black Monday." Despite these challenges, the increasing computational power of the Bitcoin network highlights its resilience and the ongoing commitment of miners to its growth.
| Blockchain | Hashrate |
|---|---|
| Bitcoin | 1.025 ZH/s |
| Litecoin | 2.49 PH/s |
Key Takeaways:
- Bitcoin's hashrate surpassed 1 Zetahash per second for the first time on April 5, 2023.
- This milestone represents a 1,000-fold increase in computational power since 2016.
- Litecoin's hashrate is significantly lower at 2.49 Petahashes per second, making it far less secure than Bitcoin.
- Despite market downturns, the growing hashrate reflects strong confidence in Bitcoin's network security and decentralization.
Source: BTC Echo
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