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

News
Fri, 05/31/2019 - 17:50
Alex Dovbnya
Bitcoin mining difficulty goes up in synch with the network’s security, which makes a good case for the bulls      
Cover image via U.Today
Contents

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.

Related
Best Bitcoin Mining Hardware in 2019: Prepare For Super-Powerful ASIC Miners - Updated

$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.

Related
Bitcoin Mining Ban in China: What Can’t Be Controlled Must Be Banned, No Connection to Environment

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.

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy