Bitcoin Hashrate Records New All-time High, Mining Difficulty To Follow Soon
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Although the crypto markets remain in pretty rough shape, there are some exciting developments to consider. The Bitcoin network is on the cusp of setting a new all-time high mining difficulty. That development comes on the heels of setting a new record for network mining power above 254 exohash per second.
Another Bitcoin Hashrate Spike
Things are getting pretty interesting in the Bitcoin mining space. Although the price might not reflect any excitement these days, miners are not relenting. There is some concern over how much BTC they are sending to exchange in recent weeks, although interesting things have happened on the hashrate front. More specifically, the network is once again at an all-time high for overall hashrate.
The recent increase in mining power has been pretty spectacular. There was a massive dip not too long ago, bringing the mining power from over 230 exohash to under 200 exohash. It is still unclear what caused that dip exactly, but the momentum has returned. More so, it has yielded a new all-time high, surpassing 254 exohash per second. A significant milestone that deserves far more attention than it gets right now.
That recent hashrate increase represents a 3.99% gain in the past 24 hours. Such a jump in overall mining power is significant and confirms people expect to break even on their investment and make a profit even at current prices. Others might be more hopeful to see a BTC price increase in the coming months, although the bears remain in firm control so far.
Seeing the mining rate swing up and down is not entirely abnormal. The past few months have seen various ups and downs, especially since hitting and dropping below 250 exohash in early June 2022. However, the overall trend is very bullish for mining power and indicates miners will eventually break this all-time high. A very intriguing development that will affect the overall mining difficulty.
Substantial Mining Difficulty Gains
When the Bitcoin mining difficulty increases, there is often a recent increase in hashpower. We verified that in the earlier paragraphs. However, it also makes it slightly more difficult to mine on the network, which may lead to slightly slower block times. For now, Bitcoin generates new blocks every 9 minutes and 25 seconds, which is faster than the programmed ten-minute gap. However, the rising difficulty will likely push this average time closer to ten minutes again.
One must remember that the mining difficulty is not at an all-time high yet. However, it is certainly underway to get there when the next adjustment occurs. It is not uncommon for the mining rate and the mining difficulty to hit new all-time highs in quick succession. Overall, the Bitcoin network is very healthy and shows future potential. Even if the price is below expectation, the network is healthier than ever before.
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