Exponential leap in Bitcoin hash rates

Bitcoin has just seen its biggest jump in hash rates and accompanying difficulty of cryptogrphic calculations

AccessTimeIconJun 6, 2013 at 1:04 p.m. UTC
Updated Sep 29, 2023 at 11:50 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

We have just observed a significant step up in the difficulty of Bitcoin hashes. This has come after a sharp rise in the total number of hashes per second on the Bitcoin network. Over the past 24 hours the hash rate has jumped from 127701 GH/s to 148527GH/s, according to Blockchain.info. This is one of the fastest and biggest changes in the history of the bitcoin protocol and demonstrates a continuing exponential growth in not just the difficulty of the proof-of-work calculations, but in the computing power being brought to bear on generating the currency.

 Difficulty over time, click image for source
Difficulty over time, click image for source

According to blockexplorer.com, the current difficulty of computing bitcoin blocks is rated at 15605632.681286. Around this time last year, the figure was approximately 13478. Which shows a 1158% YoY growth, and a 495% QoQ growth in difficulty.

 Increase of hash rate, click image for source.
Increase of hash rate, click image for source.

Similarly for the hash rate, which is now at 148527 GH/s (giga-hashes per second), this shows an increase of 1111% YoY and 478% QoQ.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.