Bitcoin Hashrate Hits 1,157 EH/s Record, Spurs Mining Competition
According to a JPMorgan report cited by CoinDesk, Bitcoin hashrate climbed 5% to 1,082 EH/s in October and has since surged to a record 1,157 EH/s. The rising Bitcoin hashrate boosts network security and decentralization but intensifies mining competition and pushes difficulty to new highs.
Block reward revenue fell 3% to about $48,000 per EH/s per day. Publicly listed U.S. mining firms saw their market caps jump 25% to $70 billion, driven by strategic AI pivots and the diversification of computing infrastructure for AI workloads. Despite robust network growth, Bitcoin’s price remains range-bound, suggesting market reactions lag behind hashrate gains. Traders should watch energy costs, hardware efficiency, and miners’ AI strategies for their impact on mining profitability and Bitcoin price momentum.
Bullish
The record surge in Bitcoin hashrate to 1,157 EH/s highlights strong network fundamentals and growing miner confidence. Higher hashrate and difficulty reflect increased investment in mining hardware, bolstering security and decentralization. Although block reward revenue per EH/s dipped by 3%, the 25% rise in U.S. mining firms’ market caps—driven by AI strategy and infrastructure diversification—shows positive market sentiment.
In the short term, Bitcoin’s price may stay range-bound as hashrate growth outpaces immediate demand. However, sustained rises in hashrate and capital inflows into efficient, AI-driven mining operations often precede bullish price trends. Traders can view these developments as signs of durable network growth and long-term upside potential for Bitcoin.