Bitcoin Hashrate Surpasses 700 EH/s for the First Time, Driven by Spike in Transaction Fees and Price Surge

The hashrate of bitcoin has reached a new high of 700 EH/s, showing a 6% increase in the past seven days. The hashprice of bitcoin has also risen to $50 PH/s, which is a two-month high, due to the increase in mining profitability caused by a rise in transaction fees and bitcoin's price. The seven-day moving average of bitcoin's hashrate has reached an all-time high of 703 EH/s, according to Glassnode data.