bitcoin mining hashrate and difficulty have recently increased and continue to reach new all-time highs. Both metrics have reached their highest levels as the btc rally resumed and the question now is whether this will translate into setting a new all-time high for the price.
bitcoin mining difficulty and hashrate at ATH
The month of October came with numerous increases for the bitcoin network and the hashrate was not left out. Fierce competition among miners has brought more machines online, increasing the total hashrate available worldwide for bitcoin mining, and in late October, the hashrate hit a new all-time high.
As CoinWarz data shows, bitcoin bitcoin/hashrate-chart” rel=”nofollow noopener” target=”_blank”>hash rate It rose to a high of 555.94 EH/s on October 28, which was recorded at the height of block 814,200. This figure is a testament to the continued support the network enjoys even during bearish periods.
Also, the bitcoin/difficulty-chart” rel=”nofollow noopener” target=”_blank”>mining difficulty also increased rapidly due to this competition. Data from CoinWarz shows that the mining difficulty is at an all-time high of 62.46T and with the next difficulty adjustment on the horizon, it is expected to jump to 64.62.
Increasing difficulty means that it becomes more difficult for bitcoin miners to solve blocks and claim block rewards. Miners will therefore have to bring new machines online to increase their chances of solving blocks, leading to an increase in hashrate. An increase in hashrate increases competition, leading to an increase in difficulty, and the cycle continues.
Will btc price follow ATH trend?
So far, bitcoin has done a good job of rising as hashrate and difficulty have increased. The cryptocurrency has been able to reach new highs for 2023 and continues to show bullish trends despite a recent drop.
Developments like Michael Saylor’s MicroStrategy revealing another massive btc haul have also helped promote its status as a major asset. No doubt, purchases worth more than $160 million by MicroStrategy helped push the price above $35,000.
The last time the btc price was this high was in May 2022, when the market was just coming out of the bull market. bitcoin bulls are still firmly in control, driving the price up 2.66% in the past day to sit above $34,300.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/Bitcoin-hashrate-and-difficulty-hit-new-all-time-highs-will-price" alt="Tradingview.com bitcoin Price Chart” width=”2650″ height=”1758″/>
btc recovery continues | Source: BTCUSD on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com
