Bitcoin Mining Difficulty Adjustment Triggers Record High, Time For $40,000?

2023-11-27 16:00

The Bitcoin network recently underwent a difficulty adjustment, leading to a further increase in the mining difficulty. The adjustment also marked the sixth consecutive rise in BTC mining difficulty as it reached a record high. With this becoming a trend, it could affect the price of the flagship cryptocurrency, Bitcoin. 

The Latest Bitcoin Difficulty Adjustment

The latest adjustment took place at block 818,496, with the current Bitcoin mining difficulty standing at an all-time high of 67.96T. The network saw a mining difficulty increase of 3.40% in the last 24 hours alone. This follows a rising trend in the Bitcoin mining difficulty average that dates back to the last 90 days. 

The network has seen an overall 22.18% increase in the last 90 days. In the last 30 days, it has seen an 11.35% increase, while there has been a 5.07% in the last 7 days. 

Bitcoin difficulty basically measures the amount of computational power needed to mine the next Bitcoin block. These adjustments are usually made to keep block generation in line with the set block time of 10 minutes. 

The increase in the mining difficulty usually occurs as more hashing power is added to the network to ensure that the block times are consistent. Whenever this happens, miners are also known to earn lesser rewards since there is an increase in the total network hashrate. Basically, this helps the network function optimally while avoiding any form of inflation in terms of miners’ rewards.

How This Affects Bitcoin’s Price

Interestingly, there seems to be a correlation between BTC’s price and its difficulty. Bitcoin’s price has continued to climb alongside the increase in the network’s difficulty. In line with this, there is the projection that the BTC orice could hit $40,000 if the network difficulty were to rise to 72 T. This correlation could stem from the level of activity on the network. 

More liquidity (causing an increase in price) is flowing into the Bitcoin ecosystem, and more miners are looking to take advantage of this. This could explain why the network difficulty keeps increasing significantly. It is also worth mentioning that the network’s hashrate has also increased exponentially. 

Interestingly, daily transaction fees on the network surged recently, surpassing fees on the Ethereum network at some point (an uncommon phenomenon). All this potentially signals that another rally could be on the horizon for the foremost cryptocurrency. 

However, going by the correlation between BTC’s price and the network’s difficulty, the road to $40,000 might not be soon. There is expected to be a decrease in the Bitcoin mining difficulty at the next adjustment estimated to take place on December 10. 

At the time of writing, BTC is trading at around $37,300, down by over 1% in the last 24 hours according to data from CoinMarketCap. 

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Speed Mining Service (SMS) на Currencies.ru

$ 1.9622 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $1.9622 - H: $1.9622
Капитализация $205.406k Rank 99999
Доступно / Всего 104.68k SMS

difficulty mining adjustment bitcoin high record sixth

difficulty mining → Результатов: 126


Drowning In Complexity: Bitcoin Miners Submerged By Soaring Mining Difficulty

Bitcoin miners face mounting challenges as the difficulty adjustment in Bitcoin (BTC) mining continues to impact profitability and an energy crisis disrupts operations.   Created by Satoshi Nakamoto, the difficulty adjustment protocol aims to maintain an average interval of 10 minutes between new blocks, affecting the mining process and costs.

2023-8-10 12:50


Global Mining Leaders Summit 2019

A lot has taken place in the world of crypto mining this year. Bitcoin hash rate and difficulty levels have hit record highs. New companies such as Blockstream have ventured into space while existing companies have expanded their infrastructure with new facilities dedicated towards mining being developed but the biggest mining event of the year […] The post Global Mining Leaders Summit 2019 appeared first on AMBCrypto.

2019-9-9 18:30


Mining Difficulty (MD) Influences Behavior of Miners on the Bitcoin (BTC) Network

As most of our regular readers are well aware of, Bitcoin is a decentralized peer-to-peer network wherein each separate tx is secured using a SHA26 algorithm. Also, it is worth noting that peers on the network are required to invest a certain amount of their computational power (hash power) to verify each individual transaction. In […]

2019-8-12 19:50


Bitcoin Price Analysis - On-chain metrics pull back as Hash rate and difficulty push for record highs

Network mining fundamentals have shown impressive growth in the past few weeks with both hash rate and difficulty pushing new all-time highs. As long as the markets remain bullish, and mining profitability remains positive, miners will likely continue to add hash rate, especially as older ASICs return to profitability.

2019-7-25 15:01


Фото:

Сложность майнинга Биткоина достигла исторического максимума. «Спираль смерти» отменяется

Рост Биткоина выше 8000 долларов очень позитивно отразился на майнинге криптовалюты. Прибыль пошла вверх, а бизнес начал расширяться — после очередного пересчёта сложность добычи Биткоина достигла исторического максимума.

2019-6-2 14:35


Bitcoin Mining Difficulty Hits an All-Time High as BTC Network’s Hash Rate Power Grows Stronger

With Bitcoin mining hitting an ATH, the network is now stronger than ever Bitcoin hash rate remains near an all-time high for most of May month In tandem with the Bitcoin price, Bitcoin hash rate and Bitcoin mining difficulty are surging upwards as well, that are either on way to or already breaking records. On […]

2019-5-31 18:40