Bitcoin’s Network Difficulty Reaches ATH
The Bitcoin (BTC) network has recorded another all-time high. However, this time it is about the network mining difficulty. ATH mining difficulty now stands at 26.643 Tn. The average hash rate is 190.71 EH/s (exahash per second).
The new all-time high suggests strong support from the community despite the continued downtrend in the market.
Determining Bitcoin’s Network Difficulty
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Bitcoin’s network difficulty is calculated using the total computing power. This correlates with the difficulty of mining BTC as well as confirming transactions. Data from blockchain.com proves that the difficulty of the network recorded a decrease from May to July last year.
The fall was due to several reasons. One reason was China’s blanket ban on mining cryptocurrencies of any kind. However, the miners who were displaced quickly resumed operating from different countries. As a result, the difficulty of the network has recovered significantly after August 2021.
Therefore, on January 23rd, On Saturday, the BTC network recorded a new record which stood at 26.643 Tn. Data from BTC.com estimates that this growth in the strength of the Bitcoin network will continue. It is estimated that at the end of the following 12 days there will be a new record which should be 26.70 Tn.
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Over the past 4 days, the biggest hash rate contributor has been F2Pool. They mined 88 blocks of Bitcoin. Poolin comes in second place by mining 76 BTC blocks. Through Friday, the average transaction fee was around $1.58. The highest peak in history for this value dates back to April 2021 when it was $62.78.
The federal government has lobbied to tighten monetary policies surrounding cryptocurrencies. However, experts believe that Bitcoin can still be the winner.