The blockchain realm is flourishing, the Bitcoin network hashrate has reached an unprecedented peak. On October 21, it soared to an all-time high of 769.8 exahashes per second (EH/s), demonstrating fortifying security for the world's pioneering blockchain network.
Since 2021, the hashrate has been on a consistent upward trajectory. This trend is largely attributable to advancements in mining technology, particularly the emergence of application-specific integrated circuits (ASICs), according to data from BitInfoCharts. The increasing hashrate underscores the robustness of Bitcoin's security framework. However, it also signifies a rising cost of mining a single Bitcoin, presently valued at $68,289.
The impending 2024 Bitcoin halving event presents additional complexities. As halving reduces block rewards, the combination with an escalating hashrate could catalyze a wave of consolidation among smaller mining operations.
Further Developments Expected: Following the SEC's approval of options, liquidity for Bitcoin ETFs is anticipated to expand significantly, according to QCP. More details will be appended as this story evolves.
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