Bitcoin mining difficulty nears new record high due to the recent increment in adjustment

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  • Bitcoin facing network mining difficulty
  • The fall in hash rate seems to increased mining difficulty
  • Bitcoin block generation time has been increased with the increase in mining difficulty
  • Last week Ethereum also faced network mining difficulties
  • Bitcoin seems to get back its price level at $19,000

Following the recent adjustment of Monday, Bitcoin mining difficulty is near its previous ATH. According to data from Glassnode, an on-chain blockchain analysis platform, it is observed that the mining difficulty needs around 5% to reach its peak. It is also observed that after the adjustment, the hash rate of the Bitcoin network has also fallen slightly.

How does the mining difficulty increase?

Recently it was observed that the hash rate of Bitcoin was declined by around 30% in just two days.. According to Coinwarz, earlier last week, the hash rate of Bitcoin was declined to the low at 112 exahashes per second (EH/s), from 161 EH/s in just two days. However, after the fall, the hash rate continued to rise with a few drops, which increased the Bitcoin mining difficulty by 8.9%.

Bitcoin mining ease has been reduced

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According to a recent tweet from Glassnode, it is revealed that mining difficulty increased by 8.9% yesterday, and it just needs 4.4% to create a new all-time high record. With the increase in mining difficulty, the required time to generate new Bitcoin blocks has also slightly increased, due to which the ease of mining Bitcoins has reduced. However, we also observed that the unlimited Bitcoin transaction has also been increased recently, meaning it may keep an increase in the Bitcoin transaction fees in the short term.

Compared with 2013 and 2016’s market rally, it seems like the bitcoin mining difficulty adjustment will end up showing a bullish cycle.

Ethereum also faced mining difficult

On Friday, it was observed that the second-largest cryptocurrency in the world by market capitalization has also faced mining difficulty. After Ethereum’s price slumped to $513 from more than $600, Ethereum faced a network mining difficulty at a two year high. 

Current performance of Bitcoin
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Last week, the price of Bitcoin declined by around 11% to the price level of below $17,000, while it was just $300 away from its new all-time high. This came just after several whales started selling off vast amounts of cryptos. However, now it seems like the token designed by Satoshi Nakamoto has taken its position back above the level of $19,000, as at press time, Bitcoin is trading at $19,452.39.

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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