As Bitcoin’s price hovers near its all-time high, the network’s computing power has once again shattered records. According to data from mining firm Luxor, the seven-day simple moving average (SMA) hashrate hit 742.42 EH/s on Wednesday, October 30, exceeding the previous peak of 736 EH/s set on October 25. If the trend continues, the network could soon surpass the 800 EH/s milestone.
Rising Hashprice Boosts Miner Revenue
The soaring hashrate has directly improved miners’ daily earnings. Luxor’s hashrateindex.com shows that the estimated value of 1 PH/s (equal to 1,000 TH/s or 0.001 EH/s) of SHA256 hashpower now stands at approximately $48.05, a gain of over 7% from $44.93 on October 27. Bitcoin’s price touched $73,600 on Tuesday afternoon before stabilizing near $72,000 on Wednesday, providing miners with a favorable price environment to sell their rewards.
Accelerated Block Times and Impending Difficulty Adjustment
With the surge in hashrate, blocks are being produced faster than the protocol’s targeted 10-minute average. The current average block interval is roughly 9 minutes and 15 seconds. This deviation will trigger a programmed difficulty adjustment, currently estimated to increase by approximately 7.94%. After the adjustment, miners will need more hashpower to maintain the same revenue, but the elevated Bitcoin price should help cushion the impact on profitability.
Outlook and Miner Strategies
The record hashrate signals strong confidence among miners in Bitcoin’s future. Although the impending difficulty hike will pressure margins, continued price appreciation could sustain healthy returns. Deployment of next-generation mining rigs and relocation to low-cost energy regions remain critical strategies for miners to stay competitive. Major hashrate contributions currently come from Chinese-owned mining pools, the United States, and Kazakhstan, with future growth depending on delivery timelines of new equipment and global energy price dynamics.