1. December 2023

Bitcoin’s mining difficulties approach historical high with stable price at US$ 18,000

Mining difficulty in the network has increased 8.9% today, while the hash rate is over 130 EH/s.

Bitcoin Mining Difficulty Approaching Historic High with Price Stable at US$ 18 MilNOTTICES

The price of Bitcoin has hit a two-year high of over US$19,000 and has fallen to less than US$17,000 more than once in a week as the mining difficulty continues to grow.

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According to on-chain analysis provider Glassnode, the Bitcoin Crypto Bull mining difficulty (BTC) increased by 8.9% today, bringing the metric within 5% of its maximum value last month.

#Bitcoin mining difficulty increased 8.9% today.

It is now just 4.4% below its ATH.

Chart: https://t.co/qtmuDmTfGS pic.twitter.com/1eX63yBAgc

– glassnode (@glassnode) 29 November 2020

The rise in mining difficulty marked the start of the bullish cycles in 2013 and 2016, although it is not yet known whether the currency’s recent rise to around 3% from its peak price is a long-term one. The price of Bitcoin fell 11% last week as many whales moved some of their properties to exchanges and cost US$18,122 at the time of this publication.

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Increased mining difficulty can mean increased fees for users and the time required to generate a blockage, as well as increasing the number of unmined transactions in the Bitcoin mempool. According to Earn.com estimates, the optimal BTC transaction fee is currently 14,272 satoshis, or about US$2.60.

Blockchain Ethereum (ETH) has also had records recently. Glassnode reported that the network’s mining difficulty was at a two-year peak on Friday, after the price of the token fell from over US$600 on 23 November to US$513 in three days.

The network hash rate – an indication of how much computing power is being devoted to validating Bitcoin transactions – plummeted after the metric and mining difficulty of reaching an all-time high in October. Data from Blockchain.com show that metrics fell more than 27% between 17 October and 2 November, from 146.5 EH/s to 106.6 EH/s. The Bitcoin hashrate is currently 130.15 EH/s, according to BTC.com.

At the moment, the price of Bitcoin remains above $18,000, having risen 1.9% in the last 24 hours.