The hashrate of Bitcoin, has increased considerably due to the incorporation of new miners to the Blockchain network of that currency.
The computing power, or Bitcoin hashrate, has reached a new all-time high, which translates into increased activity. At the same time, the difficulty of the Blockchain network to process blocks, has also increased above its highest figure.
This scenario is presented as an increase in the connections of new Crypto Trader review equipment in the network. These are probably the ASICs that have been acquired by large mining companies in North America.
It should be remembered that firms such as Marathon, Riot Blockchain and others have made massive purchases in recent months. Likewise, it is important to highlight that the price of the most popular crypto-currency has recovered from the sharp drop at the beginning of the week and is once again close to 40K.
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What is the importance of hashrate and the difficulty of Bitcoin?
One of the strongest indicators of the health of the Bitcoin network is the state of its hashrate. This indicates, when it’s high, that a large number of miners have joined the competition to process blocks, which makes the network more robust and more complex and secure against possible attacks. In short, it decentralizes it to a greater extent.
When the hashrate decreases, it means that there are disconnections and the network becomes more vulnerable. In that sense, the growth of the computing power of the last days can be considered as a sign that the mining business is proliferating and developing in an optimal way.
On the other hand, the incorporation of new miners, makes the mathematical algorithms to process blocks to be solved faster. In response, the network adjusts the difficulty of these algorithms to make them more complex. Consequently, the goal is to maintain the 10-minute average per block, regardless of the number of miners.
The difficulty of the Bitcoin network is adjusted every 2,016 blocks (about two weeks), so that mining is easier if the hashrate is low or harder if it’s high.
Currently, the Bitcoin hash rate is 151.7 EH/s. Source: Blockchain.comCurrently, the Bitcoin hashrate stands at 151.7 EH/s.
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At the moment, the difficulty of Bitcoin’s Blockchain network is 20.61T. Its last adjustment was on January 9th at the level of block 665,280. The next adjustment will be on block 667,296 approximately on January 23rd. If Bitcoin’s computing power keeps increasing, the difficulty will rise again.
It should be noted that the last major difficulty setting was on October 17, 2020. At that time the network reached 20.00T. Since then it had fallen due to a respective drop in Bitcoin hashrate at the end of the rainy season in some provinces of China.
As reported in CryptoTrend, the winter in China allows the energy value in some provinces to decrease. Excess hydroelectric power allows many miners to migrate to provinces like Sichuan. At the end of the monsoon, the miners are disconnected. This makes the hashrate go up and down several times a year.
At present, according to the graphs on Blockchain.com, Bitcoin’s hashrate is 151.7 EH/s.
All of this, as already mentioned, ensures that the Bitcoin network is in the best condition to operate. The mining business continues to expand and more miners are joining the race to get as many coins as possible.
Facts to keep in mind
- The hashrate and difficulty of the Bitcoin network is at a historical record.
- This indicates that more miners are joining the block competition.
- Everything seems to indicate that the massive purchases of large firms are joining the network.
- The next difficulty adjustment will be the weekend of January 23rd, at the level of block 667,296.