Bitcoin mining reached a new milestone, with the difficulty level for miners climbing to an all-time high of 95.67 trillion.
A few days ago, Bitcoin’s hashrate also hit a peak but has since dipped slightly.
Tick-tock next block
Even though Bitcoin’s price has pulled back from a recent high on Monday, the underlying network fundamentals are looking strong, especially with the rising mining difficulty.
This measure shows how much effort miners need to put in to create a block of Bitcoin.
The mining difficulty adjusts itself every 2,016 blocks, which is about every two weeks, so when more miners join the network, the difficulty goes up, making it harder to mine new coins. Conversely, if fewer miners are active, the difficulty decreases.
The difficulty shows that more miners are getting involved, which enhances the overall strength and performance of the Bitcoin network.
In July, this metric hit a low of 79 trillion but has since climbed about 20% to its current level. It’s also up by 55% since last October when it was at 61 trillion.
Hashrate on fire
Another important measure of Bitcoin’s stability is its hashrate, which has also been going up, not a surprise they call Bitcoin number-go-up technology.
It reached a new all-time high of over 900 EH/s, but then it has lost some steam and is now around 730 EH/s.
Even with this small drop in the past days, the hashrate jumped by 70% compared to this time last year.
The price
Bitcoin’s price has also been on a rollercoaster ride lately. After peaking at $69,500 on Monday, it has fallen by about $3,000 and is currently, in the time of writing trading around $66,500.
With these changes in mining difficulty and hashrate, it’s quite clear that while Bitcoin’s price may fluctuate, the network itself is becoming stronger and more resilient year by year.
