- The BTC network has surged to a new all-time high in terms of difficulty
- The hash rate for the token also surged to all-time high
- It seems that the miners are fighting for block rewards
Bitcoin, the world’s biggest cryptocurrency, has been struggling to break above the $45,000 price level this month. At the time of writing, the price of 1 BTC has dropped to $40K and it seems that the bears are in control. On the other hand, the data aggregated by Cryptonary shows that the BTC network has surged to a new all-time high in terms of difficulty and hash rates.
Bitcoin ATH hash rate
Bitcoin reached historically low has rates in the month of July after China’s crackdown on cryptocurrency mining. However, with the popularity of cryptocurrencies blowing through the roof, the mining difficulty of the BTC network has reached another all-time high and continues to steadily increase.
CoinWarz, an on-chain analysis tool, confirmed on Feb 18 that the Bitcoin difficulty chart has reached a new all-time high of 27.97 trillion hashes (T). Moreover, it is important to note that this is the second time in around 3 weeks that the world’s biggest cryptocurrency has reached a new ATH in terms of difficulty. Furthermore, the token reached a difficulty of 26.7 T while the hash rate was at 190.71 EH/s (exahashes per second) on Jan 23.
Source: CoinWarz
Competition among miners
It is also important to note that the increased difficulty in mining can be related to increased competition among miners in order to extract higher block rewards. Furthermore, the total hash rate for the Bitcoin network has also made a new all-time high as seen in the data from Blockchain.com.
Despite the bearish trend that the market is in right now, there has been a steady increment in the popularity of the world’s biggest cryptocurrency. Recently, KPMG LLP, a full-service Audit, Tax, and Advisory firm owned and operated by Canadians, added Bitcoin and Ethereum to its treasury.
