The bitcoin mining it is a complex process that requires a great deal of computational power to solve the mathematical problems and confirm transactions on the digital currency network. Bitcoin mining difficulty, a measure of competition among miners, has just set a new all-time high.
On January 29, the Bitcoin mining difficulty experienced a 4.68% adjustment, reaching 39.35 terahash per second for seven days. This surpasses the previous record of 37.59 TH/s recorded on January 16. The difficulty is expected to increase further in the next adjustment scheduled for February 11.
The difficulty is automatically adjusted based on an algorithm written into the Bitcoin codebase to keep the average time between the creation of each block on the blockchain to around 10 minutes. Furthermore, it helps control monetary inflation by rewarding miners with newly issued bitcoins.
The increase in mining difficulty in the last 30 days, more than 11.27%, is a sign of a bull market and an increase in mining activity. Increased competition among miners is good news for the security and decentralization of the bitcoin network.
Although it cannot be predicted with certainty whether the level of difficulty will affect the price of Bitcoin, the relationship is likely to be indirect. Both the price and the mining activity are influenced by the demand for BTC.
In short, the Bitcoin mining difficulty has reached a new all-time high and is expected to continue to increase in the future. This shows a bull market and increased mining activity on the Bitcoin network, which is good news for its security and decentralization.
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