Largest difficulty drop since July 2021 — 5 things to know in Bitcoin this week

Bitcoin (BTC) is off to a better start than most this week as bulls avoid serious losses into the weekly close. Still heavily tied to declining stock markets, the largest cryptocurrency is nonetheless defending $30,000 on May 23 and eyeing the top of its post-LUNA trading range. While there are no signs of an impending miracle price recovery, some are hoping that upside will feature before any form of reversion to a downtrend. Macro conditions remain tenuous — and the week of the World Economic Forum’s (WEF) Annual Meeting is…

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Bitcoin network fortifies as mining difficulty records ATH of 31.251T

Further distancing itself from any concerns of planned attacks on the blockchain, the Bitcoin (BTC) network established a new mining difficulty all-time high of 31.251 trillion — exceeding the 30-trillion mark for the first time in history. The creator of Bitcoin, Satoshi Nakamoto, warranted the security of the BTC network through a decentralized network of BTC miners who are tasked with confirming the legitimacy of transactions and minting new blocks. Given the extensive community support — from developers to hodlers to traders to miners — that spans over 13 years,…

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Bitcoin network difficulty breaks into a new all-time high of 29.794T

Reassuring its position as the most resilient blockchain network against attacks, the Bitcoin (BTC) network recorded a new all-time high network difficulty for the second time this month in April — jumping from its previous all-time high of 28.587 trillion to 29.794 trillion. Greater network difficulty demands greater computational power to successfully mine a BTC block, which prevents bad actors from taking over the network and manipulating transactions, also known as double-spending. As evidenced by data from blockchain.com, Bitcoin’s network difficulty has seen almost a year-long uptrend since August 1,…

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Bitcoin network difficulty reaches all-time high as miners pursue 2M BTC

Just when the Bitcoin (BTC) miners helped release the 19th millionth BTC in circulation on Friday, the BTC network’s mining difficulty reciprocated by reaching an all-time high of 28.587 trillion.  Bitcoin’s network difficulty correlates to the computational power required to mine BTC blocks, which currently demands an estimated hash rate of 201.84 exahash per second (EH/s), according to data from Blockchain.com. Bitcoin network difficulty. Source: Blockchain.com Supporting the spike in the network difficulty, Bitcoin’s hash rate maintained a stronghold throughout the year while breaking into an all-time high of 248.11…

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Bitcoin hash rate may see ‘small capitulation’ with difficulty set for new all-time high

Bitcoin (BTC) set a new all-time high for hash rate last week, but opinions are divided as to whether the uptrend can continue. In a Twitter debate on March 21, Preston Pysh, host of The Investor‘s Podcast, eyed changing behavior in Bitcoin‘s hash ribbons metric for signs of a new hash rate “lull.” Questions over “lull” in hash rate after record highs Bitcoin has overcome considerable odds over the past year to see the processing power dedicated to mining — hash rate — reach a giant 222 exahashes per second…

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Bitcoin Mining Difficulty Drops for Second Time in March

Bitcoin mining has declined for the second time this month thanks to the growing costs of energy. According to data from Glassnode, the bitcoin mining hash rate has dropped from an all-time high of 216 exahash/second in February to 216 EH/s on March 17 following a consistent rise since November.   In a telegram message to Coindesk, Compass Mining founder and CEO Whitt Gibbs said, “This slight drop is likely due to unprofitable miners unplugging ASICs (application-specific integrated circuits). As energy prices increase globally, we will likely see more ASICs fall…

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While Bitcoin price starts 2022 with a slump, mining difficulty is on the rise

Since the start of 2022, Bitcoin (BTC) has seen a decline in price by more than 40% from its all-time high (ATH) of $69,044.77 on Nov 10, 2021. This price volatility hasn’t affected the network’s ability to increase miners’ difficulty to obtain Bitcoin. As competition among miners continues to grow, Bitcoin’s difficulty reached a new ATH for the second time in two months. The hash rate has also experienced a steady climb of 45% in 6 months after last July’s lows. The Bitcoin network difficulty is determined by the overall…

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Bitcoin mining difficulty drops for the first time this year

For the first time since November 2021, the Bitcoin (BTC) mining difficulty adjustment has dropped, correcting 1.49%. The move follows a succession of 6 consecutive positive difficulty adjustments, in which the mining difficulty and hash rate hit all-time highs.  The average hashrate over the past two weeks fell to 197.19 exahashes per second (EH/s), and the average block time exceeded the 10-minute target, at 10 minutes 09 seconds. As a result of the difficulty adjustment, miners competing to solve the next valid block find it marginally easier. Bitcoin mining difficulty…

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Bitcoin difficulty reaches all-time high, hash rate up 45% in 6 months

The Bitcoin network has hit yet another all-time high in mining difficulty after a steady climb since last July’s lows. On-chain analysis tool CoinWarz indicated on Feb. 18 that mining difficulty reached a new high of 27.97 trillion hashes (T). This is now the second time in three weeks that Bitcoin (BTC) has hit a new ATH in terms of difficulty. On Jan. 23, difficulty reached 26.7 T when hash rates were at 190.71 EH/s (exahashes per second). Higher difficulty means there is more competition among miners to confirm a…

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Bitcoin records all-time high network difficulty amid price fluctuations

The Bitcoin network difficulty is determined by the overall computational power, which co-relates to the difficulty in confirming transactions and mining BTC. As evidenced by the blockchain.com data, the network difficulty saw a downfall between May and July 2021 due to various reasons including a blanket ban on crypto mining from China. The Bitcoin (BTC) network has recorded a new all-time high mining difficulty of 26.643 trillion with an average hash rate of 190.71 exahash per second (EH/s) — signaling strong community support despite an ongoing bear market. BTC network…

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