Bitcoin's hash rate hits a historical high, with the network share of listed mining companies reaching its peak

PANews reported on October 21, according to Coindesk, that based on data from Glassnode, the seven-day moving average of Bitcoin's hash rate has reached a historical high of 703 EH/s (currently at 725.20 EH/s, peaking at 791.62 EH/s). This is the first time the network's hash rate has exceeded 700 EH/s. Since the halving event in April, Bitcoin's hash rate has increased by nearly 13%.

Data from Bitcoin mining analyst Sebastian Ski shows that in September, twelve leading listed mining companies contributed to 28.9% of the total hash rate, equivalent to over 200 EH/s. Their contribution to the hash rate continues to increase month by month and has jumped nearly 10% since October.

Ski hinted that "listed mining companies are grabbing market shares from other miners worldwide." Ski also mentioned that over the past twelve months, companies with most significant growth in their hash rates include CleanSpark (CLSK), MARA Holdings (MARA), Riot Platforms (RIOT) and IREN. This aligns with leading bitcoin miners' monthly output growth in September. Weaker miners will have no choice but leave the network while those with lowest energy costs or strongest balance sheets will continue increasing their share within this network.