Hashrate Index: Bitcoin hashrate growth may indicate that mining companies are using new mining machines to compete

According to ChainCatcher, the Hashrate Index report pointed out that Bitcoin's seven-day computing power reached a record high of 659 EH/s, an increase of 13.6% from the low of 580 EH/s after the halving.

In addition, according to Bitinfocharts data, the average network computing power reached 732 EH/s last weekend, a record high.

Hashrate Index explained that the increase in computing power may indicate that listed mining companies are starting their ASIC orders as planned, which means that more powerful hardware is being enabled and competition will be more intense as more computing power comes online.

The report pointed out that the current average block time is 9 minutes and 26 seconds. Top listed mining companies have booked 76.6 EH/s equipment for 2024. Furthermore, 12.9 EH/s of that should have been delivered in Q1, and almost 36 EH/s should have been delivered in Q2, Hashrate Index said, adding: “Regardless of where it’s coming from, the current surge in hashrate will give miners a pretty big difficulty increase in about 8 days.”