After Bitcoin Hash Rate, Difficulty Makes a New All-Time High Just 2 Months Post Halving

With a 9.89% increase, bitcoin difficulty reached a “sky-high” 17.35 trillion after the hash rate climbed to its peak last week. With fundamentals strong, hodlers standing sturdy, and accumulation growing, all eyes are now on the BTC price.

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.

CoinWarz-BTC-Difficulty
Source: CoinWarz

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.

Moreover, a regulatory filing unveiled that asset management giant Fidelity holds about 10.6% stake in Canada-based mining firm Hut 8.

As the hash rate and difficulty have surged, the hash ribbons have also given a buy signal as Bitcoin remains stuck in a range. However, today, BTC has jumped by 1% to above $9,300.

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.

Bitcoin (BTC) Live Price

1 BTC/USD =$11,704.5465 change ~ 1.78%

Coin Market Cap

$216 Billion

24 Hour Volume

$4.9 Billion

24 Hour VWAP

$11.63 K

24 Hour Change

$208.7868

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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