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Bitcoin Mining Difficulty Reaches New High. Will Price Follow Suit?

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Fri, 31/05/2019 - 17:50
Bitcoin Mining Difficulty Reaches New High. Will Price Follow Suit?
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After Bitcoin surged past the $9,000 mark, the coin’s mining difficulty reached a brand-new high of 7.46 trln, according to the data provided by CoinMetrics.io. The previous record had been set on in October 2018 when the difficulty skyrocketed to 2018.

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$100,000, here we come

The sudden increase in mining difficulty is inextricably connected to Bitcoin’s price rally that kicked off at the beginning of April.

This comes after the “crypto king” experienced a huge difficulty drop back in December when its price bottomed out at $3,100.  

The new difficulty peak signals that the network is now healthier than ever given that it takes more efforts to mine a new block. Early Bitcoin adopter Max Keiser offers this as an argument in favor of his recently voiced $100,000 price prediction.

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The revival of Bitcoin mining

It appears that bigwigs of the mining industry also feel the ripple’s effect of Bitcoin’s success.

As recently reported by U.Today, the stock chipmaker AMD, which stopped focusing on crypto mining due to crypto winter, benefited from the recent rally.

Meanwhile, Bitcoin mining is gradually becoming more decentralized with smaller mining pools talking pierce of the pie from Bitmain’s Antpool.

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