BTC Hashrate Hits All-Time High

Bitcoin harshrate recorded an all-time high of 14.78 trillion on Wednesday, said Alejandro De La Torre, vice president of Poolin.com.

He ascribed such a new increase in mining difficulty to the fact that miners increase their hashrate.

“The new generation of mining rigs is estimated to be four to five times more powerful than the previous one,” De La Torre said.

On January 7, the hashrate, which mirrors the processing power of the mining network, hit another all-time high of 120 EH/s, the data unveiled by Blockchain.com showed.  

It seems that the metric moves in line with the difficulty trend, but this does not happen always. On November 8, the BTC difficulty declined seven percent, which some analysts considered as a portent of adjacent miner surrender. However, this was not followed by a fall in the hashrate.

To control the mining process, the mining difficulty adjusts each 2016 blocks, at an average of three adjustments per month. Any increase in the mining difficulty indicates that the former difficulty was low.

Several miners are expected to increase their power this year, and the BTC’s block reward may be halved to 6.25 BTC in the next months.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.