BTC.com data estimates that the network will continue to strengthen and reach another all-time high in the next 12 days, with a network difficulty of 26.70 billion
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The Bitcoin network (BTC) has registered a new historical maximum of difficulty for mining 26.643 trillion
- with an average hash rate of 190.71 exahash per second (EH/s) , indicating strong community support despite a bear market.
Bitcoin Network Difficulty Reaches New All-Time High
The difficulty of e Bitcoin network is determined by global computational power, which correlates with difficulty in confirming transactions and mining BTC
- . As demonstrate data from blockchain.com, network difficulty experienced a drop between May and July 2021
- due to various reasons, such as the general ban on cryptocurrency mining in China.
However, when displaced miners resumed operations from other countries, network difficulty saw a drastic recovery since August 2021. As As a result, on Saturday, the Bitcoin network recorded an all-time high of 26.643 billion.
Data from BTC.com estimate that the network will continue to strengthen reaching another historical maximum in the next 12 days
- , with a network difficulty of 26.70 billion.
In the last four days, F2Pool has been the biggest hash rate contributor by mining 88 BTC blocks, followed by Poolin with 76 blocks. As of yesterday, the average fee per transaction is approximately $1.58, a value that historically peaked at $62.78 in April 2021
- .
- Related: Bitcoin could outperform stocks in 2022 amid economic policy tightening by the Fed, according to a Bloomberg analyst
Despite federal pressure to toughen policies around cryptocurrencies, Bloomberg Commodity Strategist Mike McGlone suggests that bitcoin has a fighting chance to break out forward as investors recognize its value as a digital reserve asset.
As Cointelegraph reported, McGlone believes that bitcoin is in a unique position to outperform in an environment where easing stimulus is often seen as a negative for risk assets:
“Cryptocurrencies are at the top of risky and speculative assets. If risk assets decline, it helps the Fed fight inflation. By becoming a global reserve asset, bitcoin may be a primary beneficiary in that scenario.”
Keep reading:
Binance.US: Some aspects about the new platform of the most important exchange in the world
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