The Coinshares report predicts that Bitcoin’s network hash power will likely reach 1 Zettahash per second by July 2025.
Bitcoin hashrate at the end of Q4 before projection
Bitcoin’s network hash power is on track to reach an unprecedented milestone of 1 second per second (Zh/s) this July, according to a new report from digital asset investment firm Coinshares. This projection significantly accelerates previous estimates and highlights the robust growth and resilience of the Bitcoin mining network.
The report reveals that Bitcoin’s hash power ended at 778 exahashes per second (EH/s) in 2024, slightly exceeding the previous 765 EH/s for the coin share. This report is largely attributable to strong Bitcoin price action throughout the year, encouraging miners to deploy their hardware more quickly.
The Coinshares team could reach 1.28 ZH/s by the end of 2025 and 2.0 ZH/s by the beginning of 2027. This exponential growth underscores the increased investment and competition within the Bitcoin mining sector.
Reaching a 1 Zetahash (Zh/s) milestone per second is important as it shows a safer and more resilient network. Achieving the milestones will further thrust the already limited prospects of the Bitcoin network, which are suffering from 51% attacks. Furthermore, the increased hashrate also suggests that Bitcoin miners are investing heavily in hardware mining. The hardware itself shows confidence in Bitcoin’s future and its profitability.
Despite the bullish outlook for hashrate growth, the Coinshares report also provides insight into hash prices, a key indicator of miners’ profitability. Hash prices have seen a modest rebound this year, but Coinshares shows a progressive structural decline in its own predictive model. The report suggests that hash prices are likely to remain in range between $35 to $50 per day (PH/day) throughout the 2028 Bitcoin Harving Cycle.
In particular, the average hash price is projected to fall below $40 by the first quarter of 2026. This expected decline reflects the continued increase in efficiency and increased competitive pressures of mining hardware within the mining sector to deploy sophisticated machines.
Bitcoin mining vs. gold mining
Meanwhile, the Coinshares report focuses on the gold and bitcoin debate that has recently been rekindled by the former rally. However, unlike other reports that focus on the store of value credentials for two assets, the Coinshares report instead focuses on fundamental similarities. Their supply is introduced through mining.
Both gold and bitcoin mining are characterized by periodic economics, significant capital investments and a prominent dependence on energy markets, but the way these assets are “excavated” (physically, and digitally), according to the report, creates a deep divergence that shapes the industry.
So, gold mining involves identifying deposits, ensuring permissions and deploying heavy equipment for ore extraction, while Bitcoin mining works digitally. This is a continuous computational race to solve complex mathematical problems using special ASICs, electricity, and the Internet. The winner will resolve the transaction and earn new coins and fees (proof of work).
The inherent costs of mining support the shortage of both assets. Bitcoin is through unchanging codes and competition. Gold is through physical and geological restrictions.
“Bitcoin mining, by contrast, is much more dynamic and unpredictable. Corporate revenues depend on the share of the global hashrate, not just the relatively unstable market price of Bitcoin (read: global competition).
