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Visualizing The Rise Of Bitcoin’s Hashrate

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Visualizing The Rise Of Bitcoin’s Hashrate

The computing power used to mine bitcoin is at all-time highs, rising by more than sixfold since November 2019.

Today, 94% of bitcoin’s supply has been mined out of the total cap of 21 million. To mine bitcoin, powerful computers solve complex math problems that validate and secure the network. The total computing power, or bitcoin hashrate, measures how many guesses per second are made to solve these calculations.

This graphic, via Visual Capitalist’s Dorothy Neufeld, shows bitcoin’s hashrate since 2016, based on data from Blockchain.com.

Bitcoin Hashrate Hits Record Highs

Below, we show how the total bitcoin hashrate hit a 693.1 million terahashes per second in late October, rising significantly over the past month:

Date Bitcoin Price (USD) Total Hashrate (Terahashes per second)
Oct 30 2024 $70,287 693.1M
Oct 2024 $62,051 641.4M
Sep 2024 $56,157 637.6M
Aug 2024 $60,675 615.9M
Jul 2024 $57,042 580.4M
Jun 2024 $70,542 599.4M
May 2024 $64,023 624.0M
Apr 2024 $67,857 604.8M
Mar 2024 $63,154 574.9M
Feb 2024 $42,658 524.7M
Jan 2024 $42,862 506.4M
Dec 2023 $44,084 476.6M
Nov 2023 $35,035 446.6M
Oct 2023 $27,429 407.4M
Sep 2023 $25,970 387.1M
Aug 2023 $29,076 380.4M
Jul 2023 $30,499 370.0M
Jun 2023 $25,742 358.1M
May 2023 $29,039 346.4M
Apr 2023 $27,812 331.0M
Mar 2023 $22,351 293.6M
Feb 2023 $22,936 273.5M
Jan 2023 $16,669 250.1M
Dec 2022 $16,966 256.0M
Nov 2022 $21,300 261.8M
Oct 2022 $19,633 232.6M
Sep 2022 $19,835 211.4M
Aug 2022 $22,624 200.0M
Jul 2022 $20,154 214.5M
Jun 2022 $29,902 216.5M
May 2022 $37,720 209.1M
Apr 2022 $46,422 199.9M
Mar 2022 $39,167 198.4M
Feb 2022 $41,405 187.3M
Jan 2022 $46,460 173.9M
Dec 2021 $49,484 161.2M
Nov 2021 $61,006 149.1M
Oct 2021 $48,234 136.6M
Sep 2021 $50,025 121.9M
Aug 2021 $39,722 101.3M
Jul 2021 $33,698 120.1M
Jun 2021 $35,539 159.7M
May 2021 $57,213 157.3M
Apr 2021 $57,094 160.6M
Mar 2021 $48,369 154.6M
Feb 2021 $38,311 149.4M
Jan 2021 $33,081 136.7M
Dec 2020 $18,658 129.0M
Nov 2020 $14,161 130.5M
Oct 2020 $10,795 135.2M
Sep 2020 $10,168 123.9M
Aug 2020 $11,233 121.3M
Jul 2020 $9,139 112.5M
Jun 2020 $9,788 103.1M
May 2020 $9,029 112.0M
Apr 2020 $6,778 105.9M
Mar 2020 $8,758 111.5M
Feb 2020 $9,614 109.1M
Jan 2020 $7,334 96.3M
Dec 2019 $7,394 91.7M
Nov 2019 $9,322 95.1M
Oct 2019 $8,240 89.5M
Sep 2019 $10,628 74.8M
Aug 2019 $10,978 67.0M
Jul 2019 $11,005 57.4M
Jun 2019 $7,789 50.4M
May 2019 $5,657 45.8M
Apr 2019 $4,976 45.0M
Mar 2019 $3,701 44.0M
Feb 2019 $3,428 41.9M
Jan 2019 $3,788 38.3M
Dec 2018 $3,694 42.9M
Nov 2018 $6,404 51.3M
Oct 2018 $6,466 51.3M
Sep 2018 $7,257 49.0M
Aug 2018 $7,005 40.0M
Jul 2018 $6,533 37.4M
Jun 2018 $7,613 31.7M
May 2018 $9,726 28.5M
Apr 2018 $7,425 25.2M
Mar 2018 $11,470 22.3M
Feb 2018 $6,905 18.2M
Jan 2018 $15,098 13.6M
Dec 2017 $11,718 9.9M
Nov 2017 $7,392 9.4M
Oct 2017 $4,308 7.9M
Sep 2017 $4,626 6.4M
Aug 2017 $2,857 6.1M
Jul 2017 $2,617 5.1M
Jun 2017 $2,698 4.5M
May 2017 $1,533 3.8M
Apr 2017 $1,152 3.5M
Mar 2017 $1,274 3.2M
Feb 2017 $1,016 2.8M
Jan 2017 $1,021 2.3M
Dec 2016 $768 2.0M
Nov 2016 $706 1.8M
Oct 2016 $613 1.7M
Sep 2016 $606 1.6M
Aug 2016 $573 1.5M
Jul 2016 $682 1.5M
Jun 2016 $576 1.4M
May 2016 $450 1.3M
Apr 2016 $422 1.2M

Since bitcoin’s fourth halving in April 2024, the hashrate has hit all-time highs, while bitcoin’s price has increased by roughly 4% as of November 4, 2024.

During each halving event, which occurs every four years, the reward for mining bitcoin is cut in half. In April, it dropped from 6.25 to 3.125 bitcoins, making it harder for miners to turn a profit with unchanged operating costs.

Despite this, rising hashrates indicate a rising number of active miners, signaling a bullish outlook. As bitcoin’s price rises, it incentivizes miners to join the network since it becomes more profitable, pushing up the hashrate.

Today, notable miners include publicly traded companies like Core Scientific, Riot Platforms, and Marathon Digital, which operate machines capable of trillions of hashes per second using specialized hardware. For instance, Core Scientific runs 169,000 miners, while Riot Platforms aims to fully deploy at least 100,000 miners by 2025.

Still, performance varies across major bitcoin mining companies this year. While Core Scientific stands as one of the top-performing miners year-to-date, with 267% returns as of November 4, both Riot Platforms and Marathon Digital have declined over 20%. By comparison, bitcoin has risen 53%, approaching record highs seen in March.

To learn more about this topic from a crypto ownership perspective, check out this graphic on the largest corporate holders of bitcoin.

Tyler Durden
Sat, 11/09/2024 – 19:15

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