Bitcoin hashrate has again surged above 650 EH/s, setting a new record five weeks after the network’s fourth halving event.
Data from Luxor’s Hashrate Index shows bitcoin’s seven-day moving average hashrate reached 659 EH/s on Monday, up more than 11% since 590 EH/s a week ago and surpassed the previous high of 654 EH/s recorded before the halving.
Bitcoin’s average block production interval since the last difficulty adjustment on May 23 has accelerated to 8.93 minutes. This is 10.7% faster than the intended 10-minute interval, which implies that the hashrate over the past four days is about 676 EH/s.
Based on the current average block production interval, bitcoin’s mining difficulty is expected to increase by 11%, though the eventual change depends on network activities in the next eight days.
The hashrate increase also means the continuous decline of bitcoin’s daily production benchmark, which is already impacted by the halving of block subsidies since Apr. 20.
The daily production benchmark in May so far, the first full month after the halving, has declined to 0.79 BTC/EH/s, down 45% compared to April.