March 28, 2024
Bitcoin News

Bitcoin Hashrate Peaks as Mining Difficulty Rises

The Bitcoin network is experiencing a surge in hashrate, with data showing a considerable increase in mining difficulty. According to recent statistics, the average hashrate for the timeframe is 599.71 EH/s, and the interval between blocks stays consistent at 10 minutes and 7 seconds.

Source: Btc.com

Glassnode, a renowned blockchain analytics platform, announced that on March 24, the seven-day moving average of hashrate peaked at 614.9 EH/s before falling to 586.1 EH/s. Along with this, the Hashrate Index recorded a jump in hash price over the last 24 hours, from $108 per PH per day to $110.

Source: Glassnode
Source: Hashrate Index

Bitcoin’s mining difficulty reached a historical high of 83.95 T on March 14, representing a 5.79% rise from the previous adjustment. This increase, coupled with the soaring average hashrate of 600.72 EH/s, indicates a growing computational effort in securing the network.

Bitfinex Report

However, amidst this growth, concerns arise regarding the influence of institutional funding on mining dynamics. Bitfinex experts suggest that the influx of capital into public companies engaged in mining activities may disadvantage individual and small-scale miners, potentially altering the network’s incentive structure.

According to Bitfinex, the professionalization of mining operations through institutional funding has bolstered hashrate, enhancing network security and stability. Nevertheless, the long-term ramifications of this shift in the mining landscape remain a subject of debate among industry stakeholders.

Upcoming Bitcoin Halving

As the Bitcoin network braces for an impending halving date, slated to potentially occur in April 2024 under certain conditions, the dynamics of mining and its broader implications continue to evolve, reshaping the landscape of cryptocurrency mining.

Photo by Ivan Babydov

Related posts

Hashdex Expects Bitcoin ETF Trading in Q2, Ethereum to Follow

Robert Paul

Trezor Boosts African Bitcoin Education, Funds Bitcoineta Trip

Anna Garcia

JPMorgan Sounds Warning on Crypto Rally Fueled by Bitcoin ETF Hopes

Kevin Wilson

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More