The Bitcoin network has just reached a historic milestone and reached, on January 3, 2025, a record hashrate of 1,000 exahashes per second (EH/s). This symbolic threshold constitutes an unprecedented acceleration in the computing power mobilized to secure the blockchain, while the mining sector is going through a phase of strategic expansion. In the space of a year, the network's hash capacity has doubled, going from 510 EH/s in January 2024 to an unprecedented level, which illustrates the scale of investments in the industry.
A growing mining powerhouse
On January 3, 2025, the Bitcoin network reached an all-time high, with a hashrate exceeding 1,000 exahashes per second (EH/s), according to data from CoinWarz. This unprecedented level reflects a spectacular rise in power in the mining sector, whereas a year earlier, the network's computing capacity did not exceed 510 EH/s. In just twelve months, the hashing power has therefore doubledwhich reflects a massive strengthening of infrastructures dedicated to securing the blockchain.
This progression was achieved despite an unfavorable context, marked by the reduction in mining rewards following the halving of April 2024. Since this event, mining companies have received 3.125 BTC per block, compared to 6.25 BTC previously. which mechanically divided their income in two. However, instead of slowing down their activity, companies in the sector have increased investments in more efficient equipment and optimized energy infrastructures. This strategy allows them to absorb the impact of halving, but also to maintain their profitability by increasing their processing capacity.
The key role of institutions and mining strategies
The expansion of the mining sector is not based solely on optimizing infrastructure and increasing computing capacity. Thus, the massive influx of institutional capital also played a decisive role in this dynamic. In November 2024, Bitcoin ETFs crossed the symbolic threshold of $100 billion in assets under management, which constitutes a historic record. This figure reflects growing enthusiasm on the part of sovereign funds, pension funds and large financial institutions, who now perceive bitcoin as a strategic asset.
According to Sygnum, this trend is expected to intensify in 2025, in particular thanks to clearer regulation in the United States and the possible recognition of bitcoin as a reserve asset by certain central banks. Martin Burgherr, Chief Clients Officer at Sygnum, emphasizes that “2025 could mark large-scale institutional adoption, which would transform bitcoin into an essential asset class”. This development could increase demand for bitcoin and further encourage mining companies to strengthen their infrastructure to meet the demands of an increasingly institutionalized market.
With these new perspectives, the rise of hashrate becomes more than just a technical indicator. It reflects a structural change in the Bitcoin ecosystem, where increased network security and the trust of large institutions are shaping the contours of a new era for the market's leading crypto. However, this transformation is accompanied by major challenges, particularly in terms of centralization of mining power, a challenge which could redefine the balance of network governance in the years to come.
The rapid progression of the hashrate undeniably strengthens the security and robustness of the Bitcoin network, making any malicious attack almost impossible. However, this rise in power triggers a major problem: accessibility to mining is gradually restricted to the most capitalized players, which accentuates a centralization of processing power. As institutional investments intensify and mining capabilities concentrate in the hands of a few giants, a key question arises: will bitcoin remain faithful to its ideal of decentralization or will it slide towards a excessive hashrate concentration? The balance of the network will depend on how the industry manages to combine economic growth and equitable distribution of resources in the months to come.
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