Despite Bitcoin’s difficulty hitting an all-time high of 46.84 trillion, Bitcoin miners continue to run hash rates stronger than ever! . Statistics show that on March 23, 2023, the hash rate hit a record high of 400 exahashes per second (EH/s); 400 exahashes is equivalent to 0.4 zettahashes per second, or 400 quintillion hashes. As hash rates continue to rise, River Financial research analyst Sam Wouters predicts that at the current growth rate, bitcoin will reach the zetta hash era “by the end of 2025.”
Reasons for Bitcoin’s rising hash rate: insights from River Financial analysts
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Two days ago Bitcoin.com News reported that the Bitcoin network’s difficulty level has increased three consecutive times in the past six weeks. The difficulty level has now reached an all-time high of approximately46.84 trillionafter increasing 7.56% on March 23, 2023. On the same day, the Bitcoin hash rate peaked at, 400 exahashes per secondand 400 quintillion hashes per second, an unimaginable number. Soon, the bitcoin hash rate could reach 1,000 EH/s or 1 zetta hash per second, which is equivalent to 1 quintillion hashes per second.
After the bitcoin hash rate rose to 400EH/s, River Financial research analyst Sam Wouterssaid he has received many inquiries about the increaseWouters also said, ” estimated that “at the current growth rate in 2023, we will reach the zettaby the end of 2025. Some have questioned whether state or clandestine mining operations may have contributed to this increase; Wouters finds it “unlikely that the added hash rate is mostly due to nation-states.”
Analysts also acknowledged rumors that miners have a “sizable inventory” of unused application-specific integrated circuit (ASIC) mines, Wouters said,and with the BTCprice increase, “more of this inventory is coming online can now be done. “The River Financial analyst also mentioned the use of hydroelectric ASIC units, saying that he estimated that these units contribute to “phenomenal hash rates” and have the highest average profitability at the moment. Wouters said he wrote areporton what mining will look like in the zetta hash era when bitcoin reaches the 1 zetta hash milestone.
Analysts at River Financialsay that the current increase in hash rates is due to a variety of factors, including “unused inventory coming online,” “new model launches,” “more facilities in operation,” and “smart entrepreneurs finding low-cost sources before regulators step in.” Explaining that this could be due toIn Wouters’ December 2022 survey, analysts estimated a wide range of estimated i
