Bitcoin is up by 124% this year, outperforming stocks, bonds, and commodities to take the crown of the best-performing asset class. The world’s largest cryptocurrency had a strong performance in October especially, jumping 29% from its October bottom of $26,752 to end the month around $34,500.
BTC has since broken above the $37,000 level in November and is on its way to $38,000. And amidst all these price gains and activity, Bitcoin’s mining hashrate and difficulty have risen simultaneously.
Bitcoin Hashrate And Difficulty Reach New All-Time Highs
Bitcoin’s hashrate has been on an absolute tear this year. According to data from Coinwarz, the total hashrate on the Bitcoin network has doubled from its 2023 opening of 266.42 EH/s. Mining difficulty has also increased at the same time, as miners continue to increase their mining capabilities in the race to become the ones to mine the next block on the Bitcoin blockchain.
Data from Coinwarz shows the current Bitcoin mining difficulty is at 64.68 T, a new all-time high. This new all-time high was reached on November 12th and has stayed the same for the past week. Coinwarz estimates a difficulty increase of 3.45% to 66.91 T in the next five days.
A similar metric from Coinwarz measuring the total hashrate reached a new all-time high of 662.42 EH/s in the past 24 hours. Although the hashrate has dropped to 512.42 EH/s at the time of writing, it is poised to reach a new all-time high in the near future as a result of the anticipated increase in the difficulty of mining.
What The Rising Hashrate And Difficulty Means
The hashrate refers to the total combined computational power that is being used to m
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Author: Scott Matherson
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