The difficulty of Bitcoin mining reaches an all-time high while the price is still below $40 thousand
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Answer The difficulty of Bitcoin mining reaches an all-time high while the price is still below $40 thousand
Bitcoin mining difficulty has reached a new all-time high at 29.7 T, according to data provided by BTC.com.
Mining difficulty has increased by more than 5% over the past two weeks, which is the largest increase since last January.
The network updates the mining difficulty every 2016 blocks to ensure that miners do not over- or under-produce coins.
In the Bitcoin white paper, Satoshi Nakamoto explained that such a mechanism would help ensure that blocks are produced consistently.
Meanwhile, the Bitcoin hash rate also reached an all-time high of 220.49 EH/s.
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This means that the network has reached its peak in terms of resilience, which makes it very expensive for attackers wanting to gain control of the network.
Bitcoin’s hash rate has now grown over 30% since the beginning of the year, which indicates that more miners are willing to join the network despite the fact that the market is weakening.
Foundry USA, operated by a subsidiary of US-based cryptocurrency giant Digital Currency Group (DCG), remains the largest mining pool with a 17% share of the total hash rate.
After that, AntPool and F2Pool aggregator come in second and third places.
The difficulty of cryptocurrency mining and the hash rate is steadily increasing somewhat after the crackdown and ban on miners in China that occurred last summer were overtaken.
Currently at the time of publishing the article, the price of Bitcoin is still below the $40K level.
The largest cryptocurrency is currently trading in green after bouncing off the $37,000 support level.
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