- Bitcoin hash rate is seven times higher than it was during its peak period in 2017
- Bitcoin Hash Rate Is on the Rise as More Miners Try to Get Their Hands on BTC
- Bitcoin Difficulty Adjustment Will Occur in the Next 24 Hours
Bitcoin News Today – Recent data released by Blockchain.com revealed that the 7-day hash rate of Bitcoin (BTC) is oscillating around 98 million TH/s. This means that Bitcoin’s hash rate is up by more than 7 times compared to the period of the bullish trend in December 2017. The hash rate of Bitcoin (BTC) is a measure of the power required to mine BTC block and keep the blockchain up and running.
A tweet from @Rhythm states:
“Bitcoin’s hash rate is over 7 times larger than it was during the peak of the bull run when the price was at an all-time high in 2017.”
Bitcoin (BTC) Price Today – BTC / USD
Nevertheless, the price of the digital currency is lagging behind the fascinating growth of the hash rate over the past two years. Bitcoin (BTC) is currently trading at 55 percent lower than its all-time high of $19,800. Over the past twenty-four hours, BTC.com has the highest hash rate pool share at 15.9 percent, which is about 15 million TH/s. two public Bitcoin mining pools – AntPool and Pooling – close out the top three mining has rate polls with pool shares of 15.8 percent and 13.4 percent respectively.
Bitcoin Hash Rate Is on the Rise as More Miners Try to Get Their Hands on BTC
The significant increase in the hash rate of Bitcoin (BTC) is a result of the increasing number of miners that want to get their hands on Bitcoin. It is also a direct effect of the increased production of powerful ASIC miners. The increasing hash rate of Bitcoin implies an increase in mining difficulty. The increase in the mining difficulty is a good sign for the security of the network.
Bitcoin Difficulty Adjustment Will Occur in the Next 24 Hours
Bitcoin difficulty adjustment, which usually takes place every 2016 blocks – would be taking place in the next twenty-four hours or so. The last readjustment period saw an increase of more than 10 percent in Bitcoin mining difficulty. This signaled increased confidence among BTC miners to put their hands on the digital currency before the forthcoming halving in May next year.
Recently, a digital currency trader said that the market should be showing more enthusiasm because the forthcoming difficulty adjustment might be even higher. A limited supply of BTC coupled with increased difficulty is a recipe for an enormous bullish momentum after the reduction of block rewards in May next year.