Bitcoin Mining Power Reaches 350 Exahashes/sec

OrionX Research unveiled the tenth edition of its CryptoSuper500 list, highlighting the growing influence of Bitcoin in the cryptocurrency industry. According to the report, Bitcoin and Dogecoin were the only cryptocurrencies to make the list, out of over 24,000 digital coins in existence, according to the Digitaljournal.

Bitcoin’s dominance is made evident by its mining capacity, currently generating 350 Exahashes per second using custom ASIC-based computational power. It’s projected that the Bitcoin global hashing rate will reach a Zettahash/sec by 2026 or 2027, despite the impending block reward halving in 2024. The latest 5nm ASICs and immersion cooling techniques are now more popular among miners.

North America now contributes nearly half of Bitcoin’s mining power, following China’s crypto mining ban in 2021. This surge is primarily driven by venture-funded and publicly traded mining companies, which account for 18% of all Bitcoin mining and collectively boast a market cap exceeding $7 billion. Approximately five million potent Bitcoin mining rigs are currently operational.

The report also highlighted Bitcoin’s role as a natural currency for cybersecurity and its potential for cyber war utilization. Despite concerns over Bitcoin’s high energy consumption, the Bitcoin Mining Council estimates that Bitcoin contributes only a tiny fraction to global CO2 emissions, with over 50% of its electricity sources being green.