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.