By: Eva Baxter
The Bitcoin network is experiencing a significant advancement with the metric depicting mining difficulty witnessing a record high. With a rise by 5.07%, the difficulty reaches a new all-time high of 67.96T. This increase suggests a higher demand for the Bitcoin network implying more miners on the network. From the data fetched from BTC Blockchain Explorer, the current average hash rate for the Bitcoin network is 504.8 EH/s showing a 3.76% increase from a previous hash rate of 486.5 EH/s. Interestingly, this new mining difficulty value surpassed the early projections for the blockchain.
The increasing Bitcoin mining difficulty can be attributed to factors like Bitcoin's recent price performance, the recent surge in network activity, and the spike in transaction fees. As of this writing, Bitcoin is valued at $37,510, reflecting a 0.6% price increase in the past day. Bitcoin's hash rate also recorded the highest single-day hash rate in its history indicating increased miner participation. This underlines the robustness and adaptive nature of Bitcoin's decentralized network.
Antpool continues to lead in the hashrate competition, ahead of Foundry while also stockpiling bitcoin. This consistent rise in the Bitcoin network dynamics showcases a positive outlook for the cryptocurrency. It appears that the miners will face an ongoing challenge of maintaining profitability as the mining difficulty metric continues to rise.
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