Bitcoin Hashrate Hits Record as Miners Lock In Efficient Hardware
Network hashrate sets new highs even as block subsidy halves — a sign of cheaper energy and next-gen ASICs.
Bitcoin's network hashrate set a new all-time high this week, a counterintuitive move given the post-halving subsidy environment. Two factors are converging: a wave of next-generation ASICs with sub-15 J/TH efficiency, and a structural shift toward stranded-energy hosting in West Texas, Paraguay, and parts of Africa.
Public miners have used the rally to refinance and refresh fleets. Average fleet efficiency across the top ten public miners has improved roughly 18% year-over-year.
Difficulty is set to adjust higher at the next epoch, but transaction fee dynamics have stabilized after a volatile period earlier in the year, providing a more predictable revenue stream alongside the subsidy.