Bitcoin’s hashrate reaches all-time high

Bitcoin’s 7-day average hashrate has surged to an all-time high as the public mining companies plug in their new machines.

The hashrate’s prior all-time high was in early June after a slow and steady growth since the summer of 2021. The hashrate suddenly started falling in June as miners unplugged their machines due to a heatwave in the U.S. that led to soaring electricity demand. The U.S. currently hosts around 40% of Bitcoin’s hashrate.

The public bitcoin mining companies are awaiting enormous deliveries of mining rigs in the coming months. Some of them, like Marathon, already have thousands of mining rigs in storage waiting for hosting space and aim to plug in 6.9 EH/s over the next three months. Riot Blockchain has plans to plug in an additional 4.5 EH/s in 2022, while Core Scientific plans to deploy around 4.4 EH/s.

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