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September 21, 2020
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Bitcoin Hashrate Sets New Record!

Was this a new absolute record for the Bitcoin hashrate or was it just a mistake?

Yesterday (03), Glassnode reported that the Bitcoin hashrate reached a new absolute record.

The graph displayed showed a peak circled in green that corresponded to a hashrate value greater than 140 Ehash / s.

Previously, in the entire history of Bitcoin, this limit has never been exceeded.

However, it has to be said that the calculation of the hashrate is actually an estimate, not an accurate measurement, and the results change depending on the period that is taken into account to make that estimate.

In fact, other estimates, published on other websites, propose a different hashrate for yesterday.

For example, bitinfocharts.com estimates it at just over 128 Ehash / s, while blockchain.com estimates it at 113.

The same updated chart from Glassnode now shows a daily estimate of less than 140 Ehash / s for yesterday, but it is possible that the chart published yesterday on Twitter refers to hourly rather than daily estimates.

The estimate, which is calculated using the difficulty and the average speed at which the blocks are mined in a given period, changes depending on whether a short period is taken as a reference, for example, an hour or a longer period, that is, generally one day.

Furthermore, it is really possible that the total hashrate can vary over the course of a day, because this is the estimate of the only hashrate committed by those who are trying to extract the BTC, while miners are free, for example, to move their hashrate to mine other cryptocurrencies, like BCH or BSV.

Therefore, it is possible that yesterday’s average daily hashrate was around 130 Ehash / s, but it may also have had an hourly peak of 140.

In fact, according to coin.dance, the peak would be even greater than 162 Ehash / s, which would make it the highest hourly peak ever.

As a result, yesterday was probably the highest hourly peak ever for the total hashrate committed by BTC miners, while the daily average was lower, but still very high.

In fact, according to bitinfocharts.com, it would have been the third highest daily average of all time, after March 5 and April 14.

Source: cryptonomist

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