Miners snap up BTC – The computing power, or hashrate, deployed on the Bitcoin (BTC) network has seen a steady rise in recent months. But this is not without consequences for bitcoin miners, since this increase is also accompanied by an increase in the difficulty of mining.
A hash power party on Bitcoin
Even though the recent fall in BTC price could potentially call into question the constant increase in the hashrateit is clear that this essential metric is still evolving in its historical highs.
According to data from the BTC.com site, the estimated daily hash rate even regularly made peaks exceeding the 200 PE/s (exahashes per second) over the past few days, significantly beating its previous records.
A sacred reassembledafter the computing power on the Bitcoin network has been undermined by thecrypto mining ban in china in May 2021. By the time the local miners went into exile, the average weekly hashrate had then fallen to as low as 89 PE/sduring the week of June 27, 2021.
>> Ready to get into the crypto-game? Swissborg is waiting for you and offers you up to 100 euros (affiliate link) <<
A mining difficulty that also breaks records
The Bitcoin network is thus (well) designed: the greater the power of this calculation on its network, the greater the mining difficulty increases. All this so that the average time between the discovery/commitment of each block of transactions is approximately 10 minutes.
This automatic adjustmentplanned by Satoshi Nakamoto in the code of Bitcoin, has therefore also just made new historical highs. Also according to data from BTC.com, the mining difficulty would have reached an all-time high at more than 266T (teras).
Again, this metric come a long waysince it had fallen to less than 137T in mid-July 2021, following the consequences of the Chinese ban on cryptocurrencies.
Although this increase in difficulty means more competition for bitcoin miners, it is also a guarantee of security for this proof-of-work blockchain network. Indeed, the higher the mining difficulty, the more difficult and costly it makes a possible 51% attack on the network.
Always more resistant, more relevant and faster, Bitcoin is moving forward ineluctably. To be part of the revolution, prepare for the future by registering on the Swissborg reference platform. Up to €100 in free cryptocurrencies await you (affiliate link, in return for a minimum deposit of €50).