u.today
30 December 2024 08:33, UTC
According to data provided by CoinWarz, Bitcoin mining difficulty has reached a new record high of 109.78 trillion.
The latest positive difficulty adjustment took place on Sunday. The widely tracked metric has increased by 1.16%.
Bitcoin mining difficulty has now grown 24% over the past 90 days. It has added 52% since the start of the year.
The next difficulty adjustment, which is expected to take place on Jan. 14, is expected to be a negative one. The key metric is currency projected to plunge by more than 8% to roughly 100.7 trillion.
It is worth noting that mining difficulty adjustments typically take place every two weeks. Satoshi's stroke of genius ensures that new coins do not get overproduced or underproduced.
Bitcoin's hashrate, the metric that shows the total computational power of the network, also keeps hitting new record highs. On Dec. 15, it surpassed 800 EH/s for the first time, according to data provided by Blockchain.com.
This shows that Bitcoin's fundamentals remain remarkably strong. Some analysts believe that the price of the leading cryptocurrency tends to follow its hashrate based on past price action.
Earlier this month, the cryptocurrency reached a new record high of $108,135, according to CoinGecko data. However, it is now trading at $93,638 after slipping by more than 13%.
