Bitcoin Network Hash Power Now Surpasses Six Exahashes

Golden Finance News - On July 1, according to statistics from Blockchain.info and Bitcoin Wisdom, the hash power of the Bitcoin network reached a peak of 6,622,799,000 GH/s, reaching a new high of 6 Exahash.

Exahash Era: Bitcoin Hash Power Breaks Another Record

In the first week of July, network data showed the tremendous strength of the Bitcoin network as miners are currently processing transactions at a rate of up to 5,808,727,020 GH/s. On July 1, miners increased their hash rate by 6 seconds, reaching an all-time high.

The Bitcoin mining industry is much larger than it was in its early days, with miners going from using CPU mining, GPU mining, FPGA mining to giant warehouses with ASIC Bitcoin mining machines for mining, and the computing power has increased to an astonishing level.

Furthermore, there are currently 24 known Bitcoin mining pools that account for half of the hashing power, and there are many smaller pools supporting the Bitcoin network. This is completely different from the early days, when Bitcoin enthusiasts like Artforz were able to dominate the network's hashing power.

People often forget that Ghash.io surpassed 51% of the hashrate in 2014, as mining pools are more diverse than ever in 2017. Of the 24 known mining pools, only three have more than 10% of the hashrate, while the other 21 have less than 10%.

Hash power has been increasing since 2009

The Bitcoin network hashrate has grown by 2 exahashes in the past month and a half, coinciding with the rise in Bitcoin prices, increased demand, and unprecedented mining revenues. In September 2013, the hashrate was only about one petahash per second, so the hashrate has been growing significantly every year. After the first 1 exahash, the Bitcoin network hashrate has grown rapidly to 6 exahashes, a year and a half after the first 1 exahash.

Incentive mechanisms drive hash power to continue to grow

The growth of hashing power will one day exceed the exahash era (exabytes), perhaps reaching zettabytes per second, or even yottabytes. This may take many years, because 500 exabytes is only half of a zettabyte.

This year marks another milestone for the Bitcoin network as innovative protocols have achieved many milestones and broken records. It is an amazing achievement to see such power without the backing of a large corporation or government. All hash power is controlled by miners who choose to voluntarily participate in the decentralized system, all thanks to the economic incentive of block rewards plus transaction fees.