Today, Bitcoin’s difficulty has hit an all-time high. The difficulty re-adjustment has completed with a 9.89% increase this time, reaching a “sky-high” 17.35 trillion.
Since early November 2019, bitcoin difficulty has been on a constant increase until in late March after the bitcoin halving, the difficulty saw a downward adjustment of 15.7% from the previous ATH.
In mid-June, bitcoin difficulty had a 14.5% jump, the biggest since January 2018. The last positive adjustment was just a speck on the chart, but today’s positive adjustment marks the full recovery of difficulty in just two months post-halving that reduced the rewards per block from 12.5 BTC to 6.25 BTC.
Bitcoin mining difficulty adjusts every 2016 blocks or roughly 14 days based on the hashing power competing for the rewards on the network.
The Bitcoin network made it most difficult to mine BTC after miners allocated more resources than ever to generate the digital asset.
Bitcoin hash rate made a new high last week, as per Blockchain.com. This jump in both the fundamentals came amidst China’s rainy season, which has made it cheaper to mine bitcoin by reducing the cost of electricity.
Given that China accounts for 65% of bitcoin’s mining power, it makes sense. Moreover, reportedly, the disruption in the supply chain due to coronavirus pandemic is also resolved.
Besides the rainy season in Sichuan, investment is flowing with the new generations of miners are also helping with the situation. While ASIC companies are rolling out new mining machines such as Bitmain’s Antminer S19 Pro and Whatsminer M30S++ by MicroBT, several miners have buying bulk of them.
BTC hashrate increasing shows confidence in fiat money collapsing
Soon, BTC will actually be drawing energy away from fiat
— Max Keiser (@maxkeiser) July 13, 2020
Besides these two important fundamentals of the network, the world’s leading cryptocurrency market cap of $171 billion saw other aspects making new highs as well.
The realized market cap of bitcoin that discount lost coins and values the supply when it was last moved has reached nearly $107 billion after being on a constant uptrend since April 2020, as per Coin Metrics.
During all this, accumulation is growing strong with a record number of addresses, over 3 million now holding more than 0.1 BTC and hodlers keeping steady with a record 62% of BTC not moved in the past year, not even during the March crash.
Overall, the bitcoin network is strong and seeing growth; now, all eyes are on the price.