Bitcoin, Crypto currency, Blockchain

Bitcoin Mining Difficulty high reached all – time Coin Hero

e33f71692cb19abdb160f7cb8a2e78e2 - Bitcoin Mining Difficulty high reached all - time Coin Hero

Bitcoin Mining Difficulty reaches all-time high

Home News Bitcoin Mining Difficulty reaches all-time high

Of
Marcus Misiak –
01.06.2019

The Bitcoin Mining Difficulty has increased in the last 30 days by more than 17 percent and has reached a new all-time high (ATH) for the network.

As the data of bitcoinity.org show has reached, the Bitcoin Mining Difficulty to an all-time high of 7.46 T. Thus, the previous all-time has been exceeded a high of 7.45 T from the beginning of October 2018. The all-time high means that the network is now safer than ever before. The difficulty relates to the computing power, with the Miner, the cryptographic equations to solve, which are necessary to a new Block in the network to “mines”.

In addition, the all-time sets high of the Mainstream media by the end of 2018 propagated “Mining Death Spiral”, as the lucrative Bitcoin is sunk to the mines drastically and many of the Miner had to turn off their devices. This was at a time when BTC a 2018er all-time low of 3,100 USD reached.

The recent increase in Mining Difficulty is directly correlated with the increase in the number of miners in BTC network, which means that the number of miners is increasing in the Ecosystem of Bitcoin. Also, the Hashrate of Bitcoin has risen since December 2018 steadily after the Hash-Rate was due to a decline in the price of Bitcoin to a very low level in 2018. Currently, the hash rate for Bitcoin is around 58 TH/s 2 TH/s to reach an all-time high.

An Argument for a bull market

Already longer, it is argued that a rising hash rate, and Bitcoin Mining Difficulty, are a bullish sign. The increasing Hash Rate shows that the Mining industry is booming and the positive expectations on the Bitcoin price.

The hash rate refers to the computing power of the Bitcoin network, in order to solve the safety reasons, necessary arithmetic operations, before a Block is written to the Blockchain. The hash rate reflects the number of Attempts that can take a unit, if it solves the arithmetic operation. As Mining is known to be very cost-intensive, and a high consumption of electricity, it is necessary to Miner always keep a close eye on costs. A larger Mining Difficulty means greater competition and to mines to a lower probability of a Bitcoin.

Hashrate and Mining Difficulty, therefore, in addition to the price are important factors. If the Hashrate increases, the difficulty level increases and this in turn leads to the fact that the Miner will earn a lower amount of BTC and a lower portion of the transaction fees. The hash rate is rising, showing, according to many experts, therefore, that the Miner bullish than ever, and further price increases expected in the near future.

Featured Image: Morrowind | Shutterstock

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