The Bitcoin network has reached a milestone as its hashrate has soared to a new high.
On October 21, the hashrate broke records with 769.8 exahashes per second (EH/s).
BitInfoCharts data reveals a steady increase in hashrate since 2021.
While the increase in hashrate is a positive indication of network fortification, it also means that mining Bitcoin is becoming increasingly expensive.
The rising cost of mining a Bitcoin could make smaller companies with less efficient equipment unprofitable, forcing them to shut down or relocate to regions with lower energy costs.