Bitcoin Mining Power Reaches 1 Zetahash for First Time
Bitcoin's hashrate has reached a historic milestone of 1 Zetahash per second (ZH/s), marking significant growth in its 16-year history. This achievement was confirmed by various blockchain tracking services between April 4-5, 2023.
Hashrate Milestones from Different Trackers
- mempool.space reported a peak of 1.025 ZH/s on April 5
- BTC Frame noted a peak of 1.02 ZH/s on April 4
- Coinwarz recorded a high of 1.1 ZH/s on April 4 and suggested the 1 ZH/s mark was first hit on March 24
Variations in hashrate measurements arise from different calculation methods. Blockchain analyst Jameson Lopp highlighted that estimation methods can lead to differences exceeding 0.04 ZH/s. Mitchell Askew from Blockware Solutions cautioned that the raw hashrate metric may be misleading due to fluctuations in block times, with a 30-day moving average around 0.845 ZH/s.
Growth Since 2016
The current hashrate equals a 1,000-fold increase since January 2016 when it reached 1 Exahash per second (EH/s). Bitcoin now processes approximately 40,000 times more calculations per second than Litecoin, which operates at 2.49 Petahashes per second.
Drivers of Hashrate Growth
Increased competition among commercial mining firms has contributed to the surge in hashrate. At least 24 publicly listed companies operate Bitcoin mining equipment, with MARA Holdings leading at over 50 EH/s. Major contributors also include Riot Platforms and Core Scientific. Most of the network's hashrate is controlled by major mining pools like Foundry USA Pool and AntPool.
Market Context
This technical achievement coincided with a market downturn, as Bitcoin's price fell 8% to $77,210 amid broader market losses.