Bitcoin’s price continues to waiver below $20K mark in lackluster trading
Bitcoin saw the slowest block times in a year since China’s crypto ban. as reported by Colin Wu, the block time at bitcoin high 759053-054 reached a rare 85 minutes, which is well above the estimated time of 10 minutes. This was close to the high seen in 2021. Due to the ban on bitcoin mining in China, the block time of 100 minutes was reached in 2021.
Per the graphic posted by Wu Blockchain, the interval between the two recent blocks mined by Foundry USA and Luxor was 85 minutes. The reason for the delay remains unknown.
Block times often determine how long it takes to transfer cryptocurrencies, and bitcoin block times average 10 minutes. In 2021, China intensified its crackdown on cryptocurrencies and ordered the closure of bitcoin mining.
Before the crackdown, China was quickly becoming the hub of the cryptocurrency industry, giving a boost to large crypto exchanges like Binance and the largest Bitcoin mining companies. Beijing’s move to banish cryptocurrency trading and mining was announced in September 2021.
bitcoin hashrate continues to climb
As reported by U.Today, the bitcoin hashrate hit a record high of 325.11 EH/s on October 11 at block 758,138. The rapid increase in network hash power thus adjusted bitcoin’s difficulty to a new all-time high of 35.6 trillion hashes.
Nonetheless, Bitcoin’s price continues to waiver below the $20K mark in lackluster trading. At press time, Bitcoin (BTC) was trading at $19,432, up 1.51% in the last 24 hours.
