Main navigation

Bitcoin Network Is Stronger Than Ever After BTC's Ascent to $41,000

News
Sun, 02/07/2021 - 09:50
article image
Alex Dovbnya
Bitcoin's hashrate reached a new all-time high after the cryptocurrency rallied back to $41,000
Bitcoin Network Is Stronger Than Ever After BTC's Ascent to $41,000
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

The seven-day average of Bitcoin’s hashrate logged a new all-time high of 156.51 exahashes per second (EH/s), according to data provided by cryptocurrency firm CoinMetrics.

CoinMetrics
Image by coinmetrics.io

The largest cryptocurrency network in the world has become 40 percent more powerful since last February when its total mining power was 110 EH/s.

Bitcoin’s difficulty adjusts to a lifetime high  

On Feb. 6, Bitcoin’s mining difficulty also spiked 2.93 percent to an all-time high of 21.43 trillion, recording its third positive adjustment in a row.         

The metric adjusts roughly every two weeks to make sure that the block production time doesn’t deviate too much from the standard 10 minutes.     

Notably, Bitcoin’s difficulty is estimated to increase 2.88 percent yet again in two weeks, which would be the first time the cryptocurrency had consecutive four positive adjustments since the first quarter of 2020.  

Related
Bitcoin Miners Raked In $20 Billion to Date

Miners bag record-breaking revenues

The new highs coincided with Bitcoin reclaiming the $40,000 level for the first time since Jan. 14.

The rapidly growing hashrate means that it’s economically viable to mine coins at current prices. On Feb. 5, Bitcoin miners generated $45.67 million worth of revenue, setting a new daily record.     

Miners Revenue
Image by blockchain.com

New players are aggressively joining the market, with Chinese gaming company The9 recently acquiring 31,000 mining machines.    

article image
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.