"Bitcoin Hash Rate Reaches Historic High as Blockchain Network Continues to Strengthen"

The Bitcoin network continues to become a more secure network, reaching a new historical peak in hash rate levels. According to the latest data, the Bitcoin network has achieved an all-time high by increasing its total computing power to 791.62 million terahashes per second (TH/s). This figure represents an increase of nearly 74% compared to the previous year.

At the beginning of October, the hash rate ranged between 574 million to 742 million, but recent developments have pushed it beyond 791 million. Experts indicate that this increase is linked to the development of more advanced mining equipment. In particular, large mining companies listed on American exchanges are reinforcing their dominance in the sector by controlling 29% of the global network hash rate. The increase in mining difficulty challenges small-scale miners. The difficulty degree, which indicates the complexity of Bitcoin mining, is also approaching record levels. According to the latest data, mining difficulty has reached 92.05 trillion and is expected to rise to 95.88 trillion shortly. Despite the rising difficulty and hash rate, BTC miners are managing to balance their revenues.

As of October 20, 2024, daily Bitcoin mining revenue reached $38.38 million. Although this represents a slight decrease from the previous day, expectations for consolidation in the sector are increasing as prices have fallen by more than 33% annually. Experts suggest that this situation could particularly make it difficult for small mining businesses to sustain their operations.

The increase in Bitcoin's hash rate and the reduction of block rewards could lead to consolidation among small-scale mining firms. With rising mining costs, small enterprises with less efficient equipment continue to face challenges in maintaining their operations.