The bitcoin hashrate has broken the 700 EH/s barrier for the first time, reflecting a remarkable 6% increase over the past week.

Bitcoin's hashprice also saw a temporary shift above $50 PH/s, marking a two-month high, propelled by enhanced mining profitability amid rising transaction fees and the climb in bitcoin's price.

• The seven-day moving average hash rate average has reached an unprecedented 703 EH/s, indicating significant growth since the halving event in April.

• Analysts have pointed out that the increased contribution from publicly traded miners has also risen significantly.

"The public miners are taking market share away from other miners world wide."
"Los mineros públicos están quitando cuota de mercado a otros mineros en el mundo."

Top publicly traded miners now contribute 28.9% to the total hashrate, a notable increase from last year, indicating their growing influence in the market. Mining, once an exclusive realm, has been democratized through these larger entities, although the industry maintains a highly competitive landscape.

As the mining sector evolves, companies with effective energy costs and robust capital will likely command more significant shares of the network, while weaker entities may be forced to exit.