Bitcoin News Today: Bitcoin Hashrate Near 976 EH/s Peak Amid Shrinking Miner Profits

Bitcoin’s hashrate has climbed to 966 EH/s as of August 18, nearing the year’s peak of 976 EH/s recorded earlier this year [1]. This resurgence in network computing power underscores the resilience of the Bitcoin mining ecosystem, even as profitability for miners continues to shrink amid declining hashprice and low transaction fees.

The rapid rebound in hashrate follows a brief dip below 900 EH/s just days earlier, highlighting the dynamic nature of the network’s security infrastructure. The 966 EH/s level is now less than 10 EH/s from the record, a reflection of significant mobilization of hardware and energy resources by major mining operations [1]. The resurgence is attributed to a combination of cyclical and structural factors, including the quick restart of certain mining farms post-summer maintenance, the adoption of next-generation, energy-efficient ASICs, and miners’ continued adaptation to the evolving economic landscape [1].

Despite these technical gains, the economic reality for miners has worsened in recent days. The hashprice—a measure of estimated daily revenue per PH/s—has fallen by 7% over five days, dropping from $60.61 to $56.37 per PH/s per day [1]. This decline compounds the financial pressure on mining companies, as transaction fees have also shrunk, now accounting for just 0.54% of block rewards in the past 24 hours. With Bitcoin’s price stabilizing around $116,000 and fixed costs like electricity and hardware maintenance on the rise, only the most efficient miners—those using the latest equipment or operating in low-cost energy environments—remain profitable [1].

The ongoing concentration of hashrate among fewer, more efficient operators raises questions about the long-term decentralization of the network. Smaller or less optimized miners may be forced to sell off hardware at a loss or halt operations entirely. This could lead to a more centralized distribution of mining power, potentially affecting the network’s resilience to attacks or systemic failures.

Meanwhile, the hashrate’s rapid growth points to an impending difficulty adjustment, with a projected increase of approximately 0.13% scheduled for August 22 [1]. This adjustment could further compress miner profitability, though the block validation time has remained relatively stable around 10 minutes, suggesting the network is still functioning as intended.

The near-achievement of the 976 EH/s hashrate peak demonstrates the adaptability and technical robustness of the Bitcoin network. Despite economic headwinds, miner participation remains strong, indicating continued confidence in the network’s future. The ability to maintain such a high level of security amid declining margins reflects the scale of investment in mining infrastructure and the strategic importance of network reliability in the broader cryptocurrency ecosystem [1].

As the hashrate edges closer to its peak, the sustainability of current mining practices comes into sharper focus. With no immediate signs of a large-scale withdrawal of hashpower, the next phase of network evolution will likely be shaped by how effectively the industry adapts to the narrowing profit margins and potential structural rebalancing [1].

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Source:

[1] Cointribune - [https://www.cointribune.com/en/hashrate-approaches-the-976-eh-s-peak-set-this-year/](https://www.cointribune.com/en/hashrate-approaches-the-976-eh-s-peak-set-this-year/)

[2] CoinGecko - [https://www.coingecko.com/en/coins/depot](https://www.coingecko.com/en/coins/depot)

[3] CFGI.io - [https://cfgi.io/sonic-fear-greed-index/](https://cfgi.io/sonic-fear-greed-index/)