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Bitcoin mining difficulty hits record high
The Bitcoin network has seen a surge in its overall computing power as it continues to attract more and more miners. As a result, the mining difficulty, which measures the complexity of the cryptographic puzzles needed to be solved by miners, has hit an all-time high.
According to data provided by Blockchain.com, the hashrate – a metric that shows the total computational power of the network – surpassed 800 EH/s (exahash per second) for the first time on December 15. This indicates that the fundamental health of the network remains strong and could have implications for its price in the future.
Some analysts believe that Bitcoin’s hashrate may be a leading indicator of the cryptocurrency’s price movement, based on past data. The recent surge in hashrate could potentially lead to higher prices if this correlation holds true.
It is important to note that there is no guarantee as to whether the correlation will continue and whether it will impact the price action.
Source: u.today
