Bitcoin (BTC) Mining Difficulty Hits New All-Time High

News
Tue, 03/10/2020 - 07:42
Vladislav Sopov
With the most recent adjustment of the Bitcoin (BTC) mining difficulty rate, this crucial characteristic has set a record. Is this sign bullish or bearish?
Cover image via www.shutterstock.com
Contents

The Bitcoin (BTC) Proof-of-Work network mining difficulty changes every 2,016 blocks, or once per fortnight. But yesterday it experienced an unusually sharp surge.

New difficulty record

Amidst the severe Bitcoin (BTC) price drop that erased all of the crypto king's 2020 gains, the mining difficulty of its network set a new record. Yesterday it increased by roughly 7%, from 15.48 TH to 16.55 TH.

Image via Coinwarz

This number means that finding a new block has never been so difficult and, as such, the Bitcoin (BTC) network has never been so attack-resistant. This is due to the unmatched quantity if miners securing the integrity of the Bitcoin (BTC) network.

The previous ATH of 15.54 TH was registered between Feb 11, 2020 and Feb 25, 2020.

No sign of weakness

This record may be treated as an indicator of miner optimism. Despite profitability problems, they refuse to capitulate and unplug their mining gear.

Related
Bitcoin (BTC) Mining Worldwide in Danger with Price Below $8,000, Here's Why

As previously reported by U.Today, F2 Pool, a top-level mining team, warned the community that with the Bitcoin (BTC) price below $8,000, many ASICs are working very closely to break-even prices.

Some analysts interpreted the massive adjustment as a sign of the flagship blockchain's strength.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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