Bitcoin hashrate reached all-time high in August

The Bitcoin network hashrate reached an all-time high in August, averaging 949 EH/s, according to JP Morgan. The firm noted this indicates intensified competition among miners. Analysts Reginald Smith and Charles Pearce estimated that Bitcoin miners earned an average daily block reward of $55,100 per EH/s in August, a 4% decrease from July. Meanwhile, the combined market capitalization of 13 publicly traded U.S. Bitcoin mining companies increased by 23% last month compared to the previous month, also hitting a record high. CoinNess previously reported that the Bitcoin hashrate surpassed one zettahash (ZH/s) for the first time on a seven-day moving average basis.