Bitcoin (BTC) Mining Difficulty Reaches a New All-Time High

Joshua Ramos
Source: WazirX

Amid the rather tumultuous present circumstances of the digital asset industry, one crypto is continuing to power through. Specifically, Bitcoin (BTC) has seen its mining difficulty reach an all-time high. Moreover, the asset mining difficulty has been notably rising over the course of the week.

Reports from Glassnode note the new mark reached by the network. Moreover, they stated that the milestone was reached “as more hash rate is deployed to the network, now requiring 225 zetahashes (10^21) to discover a new bloc.” Subsequently, the growth of the figure is directly connected to the security of a specific network.

Bitcoin Mining Difficulty Reaches ATH

The digital asset industry is going through a rather difficult time at the moment. This month has brought regulatory action against two of the largest cryptocurrency exchanges in the United States. Indeed, the development from the US Securities and Exchange Commission (SEC) has infused newfound volatility in the market. However, one asset is continuing to power along.

Now, Bitcoin (BTC) has seen its mining difficulty reach a new all-time high today. Moreover, the world’s most popular digital asset has reached a new benchmark in terms of stability and security. This a development that is important to note during this rather concerning time for the industry.

Despite the present circumstances in the industry, Bitcoin (BTC) mining difficulty has officially reached a new all-time high
Source: Pixabay

Mining difficulty is connected to the computer power that is being solely used for the network. Moreover, as new miners begin to take part in the practice, the mining difficulty increases. Subsequently, the increase in mining difficulty for Bitcoin is a sign of the network’s growth. Even amidst uncertainty, speaking to its relative health.

The strength of the network is undoubtedly fortifying, but it is happening amidst a price decline for the asset. Currently, Bitcoin is priced at $25,545, which marks a 2.04% increase over the last 24 hours. However, it has fallen below the $25,000 mark in that time period, showcasing its current volatility.

The convergent developments raise some very interesting questions. Conversely, many believe it is attached to the perspective held by Bitcoin miners in it for the long term. Specifically, they are observing the current price discrepancies, and maintaining a long-term forecast for their investment’s profitability potential.