Bitcoin Hashrate has hit a new all-time high, with a year-over-year gain of 73.95%.

Bitcoin hash rate, a key indicator of the network's security and efficiency, jumped to an all-time high (ATH) of 791.62 million TH/s, according to Ycharts.

This new rating also represents a 73.95% improvement over the same benchmark a year ago.

Key chapter of Hashret

Over the past few weeks, data from Ycharts shows that Bitcoin has seen a significant increase in its hash rate, fluctuating between 574 million and 742 million in early October. The move served as a precedent for the cryptocurrency to finally break through the 791 million level, where it remains largely unchanged for a second day running.

The upturn, broadly related to the development of more advanced mining gear, comes after reports of growing dominance among US-listed Bitcoin miners, who now control nearly 29% of the global network hash rate.

According to JP Morgan analysts, 14 publicly listed US BTC miners such as Marathon Digital, CleanSpark and IREn have established themselves as major global players.

The reason for this growth is that the efficiency and financial benefits of public operators have allowed them to withstand market fluctuations and grow their mining operations.

While observers see the record hash rate as increasing the security of the Bitcoin network, it also means that the cost of mining one BTC is becoming more expensive.

Bitcoin problem and income improvement

Additionally, Bitcoin mining difficulty is approaching a record high. From 866,682, it stands at 92.05 trillion, just shy of the 92.7 trillion reached on September 11, 2024. That particular milestone surpassed Bitcoin's hash rate of 700 EH/s earlier in the week.

The network is on the brink of its next problem correction, which is expected to happen on October 22nd and is predicted to increase the problem by at least 4.17% to 95.88 trillion.

Interestingly, despite the increasing difficulty and hash rate, data shows that BTC miners are still benefiting from steady streams of income. In the year As of October 20, 2024, daily Bitcoin mining revenue was $38.38 million, a slight decrease of 1.17% from the previous day.

However, the decline is steeper in one year, with the current level 33.2 percent below the same time in 2023. Despite this, in the wake of the halving at the start of the year and increased reward cuts, there is speculation that the industry may consolidate smaller mining operations as they struggle to find valid blocks.

Meanwhile, BTC price hit a 3-month high over the weekend, briefly crossing $69,000, about $4,000 away from a new ATH. Currently, the cryptocurrency is changing hands at $68,400, an improvement of 5.6% in seven days.