The Bitcoin Network Hashrate Reaches New Record
The Bitcoin (BTC) network hashrate has reached a new record high of 544 exahashes per second (EH/s), according to Blockchain.com. This marks a doubling of the network’s hash rate since January and a 130% increase for the year.
Hash Price Decreases as BRC-20 Craze Cools
While BTC’s hash rate has been on the rise, the hash price, which measures profitability, has fallen in recent weeks. The price currently stands at $0.09 per terahash per second per day, down from its high of $0.136 TH/s/day on December 17. This decrease is attributed to the cooling interest in BRC-20.
Bitcoin Mining Difficulty Sets New Record
On December 23, Bitcoin mining difficulty reached a new all-time high of 72.01 T, surpassing the previous record of 67.96 T set on November 26. It is predicted that the difficulty will increase by another 1.6% to 73.16 T on January 5, 2024.
Bitcoin Price Rises as Mining Difficulty Grows
The growing mining difficulty is correlated with the rising price of Bitcoin. Currently trading around $42,700, the asset has seen a 13% increase in price over the past month and has reached new highs since April 2022. Analysts believe that Bitcoin may experience a major parabolic uptrend after the next halving in April 2024.
Hot Take: Bitcoin’s Hashrate Surge Signals Strong Momentum
The surge in Bitcoin’s hashrate to a new record high indicates strong momentum and increasing interest in the cryptocurrency. As the network’s hash rate continues to rise, it demonstrates the growing computational power dedicated to securing and validating Bitcoin transactions. This is a positive sign for the network’s security and stability, which in turn contributes to investor confidence in Bitcoin as a store of value and medium of exchange. With the mining difficulty also reaching new highs, Bitcoin’s position as the leading cryptocurrency appears to be solidifying.
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