## Bitcoin Network Inches Closer to All-Time Hashrate Peak Despite Miner Profitability Squeeze

**Mining Economics Under Pressure as Network Computing Power Surges Back to 966 EH/s**

The bitcoin network's hashrate has made a remarkable recovery, now approaching historical highs at 966.08 exahash per second (EH/s). This represents a robust rebound after the computing power dipped below 900 EH/s just four days following its previous climb to 976 EH/s. The network is currently edging within just 10 EH/s of setting an unprecedented record, showcasing the relentless competitive drive among mining operations globally.

Yet this impressive hashrate surge masks an underlying challenge for miners. The economics of mining have deteriorated markedly over the past week, with hashprice—the daily revenue generated per unit of computing power—declining by 7%. The metric fell from $60.61 per petahash per second (PH/s) on August 13 to $56.37 as of the latest reading. This erosion in mining profitability underscores the tension between network security objectives and miner sustainability.

**Revenue Squeeze: When Computing Power Outpaces Earnings**

The pressure on miner revenues stems from multiple sources. Transaction fees have become negligible, now representing merely 0.54% of daily block rewards—a meaningful decline from more substantial levels seen in previous market cycles. This concentration on block subsidy rewards leaves miners increasingly exposed to bitcoin price volatility. Meanwhile, the surging hashrate has lengthened block intervals, pushing average block times close to the ten-minute theoretical maximum.

**Network Difficulty and ASIC Efficiency: The Technical Response**

The upcoming difficulty retarget scheduled for August 22 is projected to increase by 0.13%, though this figure remains subject to change based on continued hashrate fluctuations. Despite these economic headwinds, the latest generation of application-specific integrated circuit (ASIC) mining hardware continues to demonstrate superior efficiency metrics, enabling operators to maintain profitability thresholds even amid compressed margins.

The bitcoin network's current state reflects a delicate equilibrium: robust security through high hashrate, constrained profitability through fee compression, and technological innovation through advanced chip design efficiency.