The mining difficulty of Bitcoin hits an all-time high along with the hash rate, after the leading cryptocurrency dropped by 7% over the week so let’s read further in or latest Bitcoin news.
The Competition among BTC miners reached new highs as per the latest data. The reports from BTC.com show that the network’s mining difficulty hit a new high of 27.97 trillion hashes yesterday. The network calculates how difficult is to mine BTC or how much computational power is required to earn BTC as per the supply and the demand of the miners. The more miners are online, the more competition there is among them to confirm the block that makes mining harder.
At the same time, the analysis by yCharts reveals that the BTC hash rate is best understood as the computation power of the network which now sits at 213 EH/s or close to an all-time high of $248 EH/s that was set earlier in February this year. The two metrics outline the fact that mining has never been more popular or more distributed across the world rather than at this very moment. This bodes well for the network as a whole because it means that the network has also never been more secure.
The mining difficulty of Bitcoin is increasing but the price continues to drag as the coin dropped 7.2% over the past week and it is now trading just above $40,400. given the fact that BTC mining is an energy-intensive operation, the decision taken by politicians regarding BTC mining has almost no impact on the BTC network. Consider last summer when the network mining difficulty dropped 28% in one day after the Chinese government closed the mining farms all around the world. Up Until then, china was the heaviest lifter in terms of BTC mining by far.
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Since the Chinese crackdown, the US became the main leader in BTC mining and has a market share of 35.4% by the end of the year.
Many Chinese mining operations crossed the border after China’s crackdown and set up a place in Kazakhstan so now they account for 20% of BTC mining in the world.
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