On May 29, Luxor Technology’s HashRateIndex reported that Bitcoin’s seven-day hashrate had hit an all-time high of 659 exahashes per second (EH/s) This represents a 13.6 increase from its post-halving low of 580 EH/s, it added.

Moreover, the average network hashrate hit an all-time high of 732 EH/s over the weekend, according to Bitinfocharts.

This surge in network horsepower means more pain for Bitcoin miners as each block becomes harder and more competitive to mine. On the upside, high hashrates mean high network security for the Bitcoin blockchain.

Bitcoin Mining Competition Intensifies

HashRateIndex explained that the hashrate growth could indicate that public Bitcoin miners are energizing their ASIC orders on schedule. This means more powerful hardware is being switched on, adding to the competition as more hash power comes online.