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On, on and on – Bitcoin mining difficulty stabilizes at record high

 


Bitcoin can continue to establish the new best value for the mining difficulty and in the next 12 days the next record beckons.


The Bitcoin ( BTC ) blockchain network has set a new all-time high for mining difficulty, which stands at $26.643 trillion. and an average hash rate of 190.71 exahash per second (EH/s). A clear proof that the market-leading cryptocurrency still enjoys the trust of the community despite the current downturn.


The "difficulty" for mining Bitcoin is determined based on the available computing power in the network, because the level of difficulty determines how complex the mining or the confirmation of transactions is. This is to ensure that there is always an incentive for miners to participate in the network.


According to data from Blockchain.com, difficulty was at a low point between May and July 2021 for a variety of reasons. The main cause was the Chinese government 's crackdown on the market-leading domestic mining industry.



When the Chinese miners gradually relocated to other countries, the difficulty slowly recovered. Since August 2021, the level of difficulty has increased again and on Saturday it now has a new record value of 26.643 bio. achieved.


According to BTC.com estimates, the Bitcoin network will even grow to a difficulty of 26.70 trillion in the next 12 days . improve.


The mining pool F2Pool, which has contributed the lion's share with 88 Bitcoin blocks in the last four days, played a significant role in the climb. Poolin comes in second with 76 blocks. The average transaction fee, meanwhile, is $1.58, which is minimal compared to the April 2021 peak, when a astronomical $62.78 per transaction was requested.


Despite increasing headwinds from regulators, Bloomberg chief analyst Mike McGlone is confident that BTC can establish itself as the store of value of the future. Given the strength of the Bitcoin network, the current crash is probably just a snapshot.


As Cointelegraph reported, McGlone sees Bitcoin in a prime position to outperform speculative financial products such as stocks and other cryptocurrencies as the monetary policy framework increasingly favors the hedging vehicle:



“Cryptocurrencies are typically risky and speculative. If speculative financial products lose, then that is good for the central bank's anti-inflation efforts, and Bitcoin could end up being the big beneficiary in such a scenario.”

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