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While Bitcoin’s next difficulty change is just two days away, the network’s hashrate soared to unprecedented heights, reaching 491.15 exahash per second (EH/s) on May 2, 2023, at block height 787,895. This staggering amount of computational power came tantalizingly close to a half a zettahash or five hundred quintillion hashes per second.
On the second day of May 2023, Bitcoin’s hash rate achieved a remarkable feat, hitting a new record at block height 787,895. In a stunning display of computational power, the network reached a 24-hour high of approximately 491.15 EH/s. This significant increase in hash rate comes at a time when the network has recorded an average of approximately 344.4 EH/s over the last 2016 blocks, with the hash rate falling below the 300 EH/s range on five separate occasions since April 2, 2023.
However, the month of April has seen slower blocking intervals, with blocking times consistently exceeding the ten-minute average over the 30-day period. The consequences of Bitcoin’s slower block times have been significant, leading to a notable backup in the mempool. As of 8:30 AM Eastern Time on May 2nd, data shows that a staggering 240,000+ transactions remain unconfirmed.
The latest increase in hash rate follows an earlier milestone achieved on April 18, 2023, when the network tapped 440.80 EH/s at block height 786,013. However, Bitcoin’s current all-time high of 491.15 EH/s is even more impressive, and terrifying close to half a zettahash. To put this into perspective, a zettahash represents an astronomical number of hashes, equivalent to one sextillion hashes per second.
In a recent report from Bitcoin.com News, research analyst Sam Wouters of River Financial made a bold prediction that Bitcoin may enter the zettahash era in two years. Wouters’ estimates suggest that “at the current growth rate in 2023, we will reach a Zettahash by the end of 2025.” Despite the network’s rapid all-time high in hashrate, block times continue to lag behind the ten-minute average, and a downward adjustment in difficulty between 1.22% to 2% is expected.
At the time of writing, Foundry USA reigns as the top mining pool, with 107.66 EH/s or 31.17% of Bitcoin’s total hash power. Foundry is closely followed by Antpool with 80.75 EH/s, F2pool’s 42.62 EH/s, Binance Pool’s 29.91 EH/s, and Viabtc’s 23.18 EH/s.
What are your thoughts on Bitcoin’s skyrocketing hashrate and the predicted entry into the zettahash era? Share your opinions in the comments section below.
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