Visualizing The Rise Of Bitcoin’s Hashrate

The computing power used to mine bitcoin is at all-time highs, rising by more than sixfold since November 2019.

Today, 94% of bitcoin’s supply has been mined out of the total cap of 21 million. To mine bitcoin, powerful computers solve complex math problems that validate and secure the network. The total computing power, or bitcoin hashrate, measures how many guesses per second are made to solve these calculations.

This graphic, via Visual Capitalist’s Dorothy Neufeld,shows bitcoin’s hashrate since 2016, based on data from Blockchain.com.

Bitcoin Hashrate Hits Record Highs

Below, we show how the total bitcoin hashrate hit a 693.1 million terahashes per second in late October, rising significantly over the past month:

Date
Bitcoin Price (USD)
Total Hashrate (Terahashes per second)
Oct 30 2024
$70,287
693.1M
Oct 2024
$62,051
641.4M
Sep 2024
$56,157
637.6M
Aug 2024
$60,675
615.9M
Jul 2024
$57,042
580.4M
Jun 2024
$70,542
599.4M
May 2024
$64,023
624.0M
Apr 2024
$67,857
604.8M
Mar 2024
$63,154
574.9M
Feb 2024
$42,658
524.7M
Jan 2024
$42,862
506.4M
Dec 2023
$44,084
476.6M
Nov 2023
$35,035
446.6M
Oct 2023
$27,429
407.4M
Sep 2023
$25,970
387.1M
Aug 2023
$29,076
380.4M
Jul 2023
$30,499
370.0M
Jun 2023
$25,742
358.1M
May 2023
$29,039
346.4M
Apr 2023
$27,812
331.0M
Mar 2023
$22,351
293.6M
Feb 2023
$22,936
273.5M
Jan 2023
$16,669
250.1M
Dec 2022
$16,966
256.0M
Nov 2022
$21,300
261.8M
Oct 2022
$19,633
232.6M
Sep 2022
$19,835
211.4M
Aug 2022
$22,624
200.0M
Jul 2022
$20,154
214.5M
Jun 2022
$29,902
216.5M
May 2022
$37,720
209.1M
Apr 2022
$46,422
199.9M
Mar 2022
$39,167
198.4M
Feb 2022
$41,405
187.3M
Jan 2022
$46,460
173.9M
Dec 2021
$49,484
161.2M
Nov 2021
$61,006
149.1M
Oct 2021
$48,234
136.6M
Sep 2021
$50,025
121.9M
Aug 2021
$39,722
101.3M
Jul 2021
$33,698
120.1M
Jun 2021
$35,539
159.7M
May 2021
$57,213
157.3M
Apr 2021
$57,094
160.6M
Mar 2021
$48,369
154.6M
Feb 2021
$38,311
149.4M
Jan 2021
$33,081
136.7M
Dec 2020
$18,658
129.0M
Nov 2020
$14,161
130.5M
Oct 2020
$10,795
135.2M
Sep 2020
$10,168
123.9M
Aug 2020
$11,233
121.3M
Jul 2020
$9,139
112.5M
Jun 2020
$9,788
103.1M
May 2020
$9,029
112.0M
Apr 2020
$6,778
105.9M
Mar 2020
$8,758
111.5M
Feb 2020
$9,614
109.1M
Jan 2020
$7,334
96.3M
Dec 2019
$7,394
91.7M
Nov 2019
$9,322
95.1M
Oct 2019
$8,240
89.5M
Sep 2019
$10,628
74.8M
Aug 2019
$10,978
67.0M
Jul 2019
$11,005
57.4M
Jun 2019
$7,789
50.4M
May 2019
$5,657
45.8M
Apr 2019
$4,976
45.0M
Mar 2019
$3,701
44.0M
Feb 2019
$3,428
41.9M
Jan 2019
$3,788
38.3M
Dec 2018
$3,694
42.9M
Nov 2018
$6,404
51.3M
Oct 2018
$6,466
51.3M
Sep 2018
$7,257
49.0M
Aug 2018
$7,005
40.0M
Jul 2018
$6,533
37.4M
Jun 2018
$7,613
31.7M
May 2018
$9,726
28.5M
Apr 2018
$7,425
25.2M
Mar 2018
$11,470
22.3M
Feb 2018
$6,905
18.2M
Jan 2018
$15,098
13.6M
Dec 2017
$11,718
9.9M
Nov 2017
$7,392
9.4M
Oct 2017
$4,308
7.9M
Sep 2017
$4,626
6.4M
Aug 2017
$2,857
6.1M
Jul 2017
$2,617
5.1M
Jun 2017
$2,698
4.5M
May 2017
$1,533
3.8M
Apr 2017
$1,152
3.5M
Mar 2017
$1,274
3.2M
Feb 2017
$1,016
2.8M
Jan 2017
$1,021
2.3M
Dec 2016
$768
2.0M
Nov 2016
$706
1.8M
Oct 2016
$613
1.7M
Sep 2016
$606
1.6M
Aug 2016
$573
1.5M
Jul 2016
$682
1.5M
Jun 2016
$576
1.4M
May 2016
$450
1.3M
Apr 2016
$422
1.2M

Since bitcoin’s fourth halving in April 2024, the hashrate has hit all-time highs, while bitcoin’s price has increased by roughly 4% as of November 4, 2024.

During each halving event, which occurs every four years, the reward for mining bitcoin is cut in half. In April, it dropped from 6.25 to 3.125 bitcoins, making it harder for miners to turn a profit with unchanged operating costs.

Despite this, rising hashrates indicate a rising number of active miners, signaling a bullish outlook. As bitcoin’s price rises, it incentivizes miners to join the network since it becomes more profitable, pushing up the hashrate.

Today, notable miners include publicly traded companies like Core Scientific, Riot Platforms, and Marathon Digital, which operate machines capable of trillions of hashes per second using specialized hardware. For instance, Core Scientific runs 169,000 miners, while Riot Platforms aims to fully deploy at least 100,000 miners by 2025.

Still, performance varies across major bitcoin mining companies this year. While Core Scientific stands as one of the top-performing miners year-to-date, with 267% returns as of November 4, both Riot Platforms and Marathon Digital have declined over 20%. By comparison, bitcoin has risen 53%, approaching record highs seen in March.

To learn more about this topic from a crypto ownership perspective, check out this graphic on the largest corporate holders of bitcoin.