The Bitcoin hashrate has achieved a new all-time high of 769.8 exahashes per second (EH/s) as of October 21, 2024, reflecting an increase in the security of the Bitcoin network. The steady uptrend in hashrate since 2021 can be attributed to advancements in mining hardware, particularly application-specific integrated circuits (ASICs). While a growing hashrate indicates enhanced security, it also implies rising costs to mine 1 Bitcoin. This increase, combined with the upcoming block reward reduction due to the Bitcoin halving, may lead to consolidation among smaller mining firms. As the blockchain network evolves, its security and economic dynamics will continue to shape the landscape of Bitcoin mining and the broader cryptocurrency ecosystem.

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