The Difficulty of Mining Bitcoin Has Reached A Record High.
The bitcoin mining difficulty was adjusted to a lifetime high of 29.79 trillion while its hash rate also notched an ATH.
The mining difficulty of Bitcoin, the world’s largest cryptocurrency, has topped 29.79 trillion for the first time in its history.
Bitcoin has steadily risen to $39k, despite an onslaught of sellers. Despite the instability, it is still widely used, and the difficulty of mining it has never been higher. Zooming out, the mining difficulty has increased by almost 30% from a year ago, when it was at 23.58 trillion.
The Bitcoin mining difficulty has reached a new high, according to data provided by BTC.com, after growing by more than 5% on April 27. The metric has climbed by roughly 23% since the beginning of 2022, with three positive readjustments and two negative ones. On May 10, the next difficulty adjustment will take place.
Bitcoin’s network hash rate, on the other hand, fluctuated significantly closely following its price action. It even notched an all-time high of over 258 EH/s on the same day before settling near 222.68 EH/s.
The network hash rate of Bitcoin, on the other hand, changed dramatically. On the same day, it reached an all-time high of almost 258 EH/s before settling at around 222.68 EH/s.
BTC.com data also revealed that Foundry USA topped the list, delivering 17.05% of total hash power. AntPool had 14.28%, F2Pool had 13.86%, Poolin had 12.58%, ViaBTC had 11.73%, Binance had 11.30%, and so on.
Glassnode, a blockchain analysis platform, recently reported that bitcoins are being accumulated, with both retail and professional investors prepared to take chunks of the asset from exchanges and hold on to current prices on private and cold wallets.
This development comes as the crypto market has struggled to gain any significant traction in recent months. Furthermore, wallets with more than 1K BTC have seen a strong increasing trend, which could indicate that significant players are starting to re-accumulate.
While some countries continue to cling to excessive taxation rather than addressing regulatory clarity, a few others have taken a dramatic move in the right direction. Several economically challenged countries have converted to the US dollar in the last decade. Excessive money printing, on the other hand, is moving people away from fiat currencies.
The traditional monetary tools have become ineffective due to a prolonged period of high inflation, rising unemployment rates, and sluggish aggregate demand.
With investors now increasingly embracing Bitcoin, nations aren’t far behind. Following El Salvador’s lead and being the first government in Africa to do so, the Central African Republic approved Bitcoin as legal tender.
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