Bitcoin Mining Difficulty Skyrockets, Demonstrating Network Strength
Bitcoin mining has become more difficult, with the mining difficulty increasing by 1.72% to a record high of 48.7T, according to recent data from BTC.com. However, despite negative market factors, the average Bitcoin network hashrate has hit a new high of 348.6 EH/s, suggesting that more miners are entering the network, which could have a stabilising effect long-term. In the last 12 months, a rise in mining difficulty of 64% has led to a more secure network, as successful attacks now require greater processing power. Bitcoin mining difficulty is the degree of difficulty in solving mathematical equations required to mine new blocks and validate transactions. The mining difficulty is adjusted every two weeks, or every 2016 blocks, depending on the total network hashrate. In the early days of Bitcoin, mining difficulty was minimal, but as more people began mining and the network expanded, the difficulty increased considerably, making Bitcoin mining more difficult and costly. The record mining difficulty on the Bitcoin network is proof of the network’s tenacity and resiliency. The overall cryptocurrency market is expected to benefit from the rise in the crypto network’s average hashrate and Bitcoin mining difficulty, as it proves the network is getting stronger despite the industry’s turbulence and uncertainties.
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