While the markets are slowly collapsing, the bitcoin hashrate is gaining momentum. According to the data, the rate of the BTC hash has increased by more than four quadrillion percent, and this news, like all those concerning the flagship crypto, raises questions. What is the reason ?
Bitcoin (BTC), its hashrate breaks all records!
The bear market continues even though investors are anxiously awaiting a recovery. Meanwhile, miners continue to bet on bitcoin (BTC). Indeed, the hashrate of the network literally exploded and reached heights that we had never seen before. The latter went from 6 million hashes to 295 quintillion hashes per second in 13 years.
These figures are significantly higher than those observed in 2010. Despite the drop in the exchange rate of the dollar USD in BTC and a difficulty close to the ATH, the miners continue to increase their hashing power. Currently, block times are below the ten-minute average, or nine minutes and one second.
But still, the block interval was faster on the first of October, with a duration of seven minutes 95 hundredths. Because of this, there is no network today that has grown as dramatically as the hash rate of bitcoin over the past decade. However, there is only one valid reason for this increase, the increase in the difficulty of bitcoin.
Network difficulty follows the same trend
The bitcoin hashrate is breaking records, but this is mainly due to the change in difficulty of the network. During the first two days of October, the bitcoin hashrate exceeded the 295 PE/s range twice.
Now, the network is running at 229 exahash per second, suggesting that an increase in difficulty may soon take place. Indeed, the computing power of bitcoin is much more powerful than 13 years ago. On September 13, 2022, the network’s mining difficulty reached an all-time high at a block height of 753,984.
So far, the height reached by the mining difficulty was about 32.05 trillion hashes. However, there is a good chance that Bitcoin will see an upward adjustment by October 11, 2022.
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