Bitcoin mining difficulty almost at all-time high ATH: price again above USD 19,000
Mining difficulty on the network rise by 8.9 percent over the day. The hashrate is 130 EH/s.
The Bitcoin exchange rate has reached a two-year high of over US$ 19,000 and has fallen below US$ 17,000 more than once in one week. However, the mining difficulty by Bitcoin Rejoin continues to increase.
According to the on-chain analysis website Glassnode, Bitcoin’s (BTC) mining difficulty today increased by 8.9 percent. This is 5 percent below its all-time high of last month.
The #Bitcoin mining difficulty has today increased by 8.9 percent.
It is now only 4.4% below its ATH.
Chart: https://t.co/qtmuDmTfGS pic.twitter.com/1eX63yBAgc
– glassnode (@glassnode) November 29, 2020
An increase in mining difficulties was the beginning of bull cycles in 2013 and 2016. We will have to wait a little longer to assess whether the recent rally to the new annual high is bullish in the long term. The Bitcoin price fell 11 per cent last week as many whales have taken some of their holdings to the stock markets. At the time of going to press it has already recovered to over 19,000 US dollars.
Greater difficulty in mining may result in higher fees for users and longer times to generate a block. In addition, there are more untimed transactions in Bitcoin’s mempool. Earn.com estimates that the optimal BTC transaction fee is currently 14,272 Satoshis, or approximately $2.60 US.
The Ethereum (ETH) block chain has also recently reached record levels
Glassnode reported that the mining difficulty on the network rose to a two-year high on Friday, after the price had fallen in three days from over $600 on 23 November to $513.
The network hashrate indicates how much processing power is used to validate Bitcoin transactions. It collapsed alongside the mining difficulty and reached an all-time high in October. Data from Blockchain.com shows that it dropped by more than 27 percent between 17 October and 2 November, from 146.5 EH/s to 106.6 EH/s. According to BTC.com, Bitcoin’s hashrate is currently at 130.15 EH/s.