Bitcoin

Read

<div class="cryptonews">
 <p class="is-style-lead">Bitcoin mining has hit a historic high, with a 5.07% surge in mining difficulty — a record 67.96 T.&nbsp;</p>
 <p>Data from blockchain explorer BTC.com indicates the leap in Bitcoin (BTC) mining difficulty has reached an unprecedented 67.96 T (terahashes), with the average hashrate — the Bitcoin network’s computational power gauge — standing at a robust 504.80 EH/s (exahashes per second).&nbsp;</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">Bitcoin <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> <a rel="noopener noreferrer nofollow" title="difficulty" href="https://thebittimes.com/tag/difficulty.html">difficulty</a> ushered in a <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> <a rel="noopener noreferrer nofollow" title="difficulty" href="https://thebittimes.com/tag/difficulty.html">difficulty</a> adjustment at block height 818496. The <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> <a rel="noopener noreferrer nofollow" title="difficulty" href="https://thebittimes.com/tag/difficulty.html">difficulty</a> was raised by 5.07% to 67.96 T, continuing to hit a <a rel="noopener noreferrer nofollow" title="record" href="https://thebittimes.com/tag/record.html">record</a> high. The current average hashrate of the entire network is 504.80 EH/s. https://t.co/vgAkEgyDOf</p>— Wu Blockchain (@WuBlockchain) November 26, 2023
   </blockquote>
  </div>
 </figure>
 <p>Bitcoin <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> <a rel="noopener noreferrer nofollow" title="difficulty" href="https://thebittimes.com/tag/difficulty.html">difficulty</a> has been on a steady upward trend throughout 2023, and the latest adjustment at block height 818496 is another meaningful landmark for the digital currency.</p>
 <figure class="wp-block-image"><picture decoding="async" class="wp-image-14220421">
   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2023/11/27/369f6fc8fcac5fb215033b2d338e6862.webp.webp">
   <img decoding="async" width="903" height="502" src="https://cdn.thebittimes.com/images/2023/11/27/369f6fc8fcac5fb215033b2d338e6862.webp" alt="Bitcoin mining hits record high difficulty - 1"> 
  </picture>
  <figcaption class="wp-element-caption">
   Bitcoin mining difficulty trend. Soure: BTC.com
  </figcaption>
 </figure>
 <p>Mining difficulty is a dynamic metric that adjusts roughly every fortnight in order to uphold consistent block time, which is the duration it takes to locate and append a new block to the blockchain.&nbsp;</p>
 <p>These tweaks are vital to offset changes in the Bitcoin network’s hashrate and preserve a 10-minute average block time.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Bitcoin could rally to $100,000 and beyond, expert predicts
 </div>
 <p>Alongside the climb in mining difficulty, Bitcoin’s hashrate has rocketed to a new peak of 491 EH/s. This figure represents a rise in the combined computational power miners are dedicating to the Bitcoin network’s security.&nbsp;</p>
 <p>The latest difficulty increase is particularly significant as crypto market watchers look forward to the upcoming Bitcoin halving event, slated to happen in approximately five months.</p>
 <p>Historically, Bitcoin halving events, which curtail the rate of new coin production, have coincided with BTC price hikes due to the combined influence of diminishing supply and speculative anticipation.</p>
 <p>The coin is currently trading at $37,283 per data from CoinGecko, a 1.3% dip from the previous day. However, it is a 2% improvement over the last seven days and 10% over the month. Significantly, BTC is also up 125% on its previous level from a year ago.</p>
 <p>Apart from the halving event, analysts also anticipate a significant price surge for BTC in the next year, propelled by the expected approval of spot Bitcoin exchange-traded funds by the U.S. Securities and Exchange Commission.&nbsp;</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Bitcoin halving to reduce miner revenue by 50%: Glassnode
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-mining-hits-record-high-difficulty-tbt71680.html">https://thebittimes.com/bitcoin-mining-hits-record-high-difficulty-tbt71680.html</a></p>

Bitcoin mining hits record high difficulty

TheBitTimes

Other articles published on Nov 26, 2023

Why is There An Insatiable Appetite for On-Chain NFTs?

Why Ethereum (ETH) Will Most Likely Outperform Bitcoin Till 2025

The Best Crypto to Buy: Euler Network’s $3M Haul Edges Out Shiba Inu and Dogecoin

The Development of Brilliant Agreements in Blockchain Innovation:

Ripple CEO Challenges Former SEC Chair’s Crypto Stance!

Norse Atlantic Airways Adopts AI Robots To Enhance Sustainability And Efficiency

Join our free newsletter for daily crypto updates!