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Monday, March 20, 2023

Bitcoin’s Network Difficulty Reaches ATH

The network of Bitcoin (BTC) has recorded another all-time high. However, this time, it is with regards to the mining difficulty of the network. The ATH mining difficulty now stands at 26.643 Tn. The average hash rate stands at 190.71 EH/s (exahash per second).

The new record suggests strong support from the community despite the ongoing bearish trend in the market.

Determining The Network Difficulty Of Bitcoin

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The network difficulty of Bitcoin is calculated using the total computational power. This has a co-relation with how difficult it is to mine BTC as well as confirm transactions. Data from blockchain.com proves that the difficulty of the network recorded a decrease from May till July of last year.

The downfall was because of multiple reasons. One of the reasons was China’s blanket ban on the mining of cryptocurrencies of any sort. However, the miners that were displaced soon restarted operating from different countries. As a result, the difficulty of the network recovered drastically after August 2021.

Consequently, on Jan 23rd, Saturday, the network of BTC recorded a new record high that stood at 26.643 Tn. BTC.com’s data estimates that this growth in the strength of the Bitcoin network will continue. It is estimated that by the end of the following 12 days, there will be a new record high which should be 26.70 Tn.

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During the previous 4 days, the biggest contributor to the hash rate has been F2Pool. They have mined 88 blocks of Bitcoin. Poolin comes second by mining 76 BTC blocks. Till Friday, the average transaction fee stood at about $1.58. This value’s highest peak in history dates back to April 2021 when it was $62.78.

There has been pressure from the federal government with regards to tightening the monetary policies surrounding cryptocurrencies. However, experts believe that Bitcoin can still be the victor.

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