Bitcoin (BTC) hashrate hits new record, mining difficulty also inches closer to historic highs
The Bitcoin hashrate, i.e., the aggregated number of hashes that all Bitcoin mining computers calculate per second, has reached a record-breaking level. Bitcoin difficulty might hit an all-time high tomorrow, after a predicted positive adjustment.Bitcoin , the largest cryptocurrency network, has reached a new hashrate record. Today, after a whopping 25.3% overnight spike, it reached 925 Eh/s . It is the highest ever level observed for this metric in all of Bitcoin's history.
In tomorrow's adjustment, it is expected to gain 4.17% and surpass 95.88 T. The previous high was registered in mid-September over 92.76 T.Currently, the Bitcoin network is processing blocks 40 seconds faster than expected. This mirrors the growing Bitcoin network activity and, therefore, the optimism of miners.
When miners are looking for potential gains, they most likely add new hardware to the network, which is reflected in increased hashrate and mining difficulty.The Bitcoin price made a comeback in recent days. Today, Oct. 21, 2024, in the early morning hours, it reached $69,500, the highest since mid-June.
As a result, Bitcoin investors immediately turned greedy: the Fear and Greed Index reached 72/100, which is an indicator of strong greed.As covered by U.Today previously, Bitcoin has only five days left to start a bullish phase. Otherwise, the market would log the longest bearish recession ever.According to CryptoQuant's CEO Ki Young Ju, we might be seeing the longest sideways in a halving year in BTC's history.
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