Bitcoin (BTC), largest cryptocurrency, has its mining difficulty increased by over 60% in last 12 months
Bitcoin (BTC) difficulty is a metric that represents how difficult it is for Bitcoin (BTC) miners to find a target hash, or, simply put, how difficult it is to add the next block to the main network.
Bitcoin (BTC) mining difficulty prints new record, hashrate also targets ATH
Today, on Nov. 21, 2022, Bitcoin (BTC) difficulty, the most crucial indicator of BTC network performance, prints a new historical high. According to public trackers, it spiked to 36,950,494,067,222 T after a surprising +0.51% adjustment.
This is the smallest positive adjustment in Bitcoin (BTC) network difficulty in the last 10 months. It should be noted that the Bitcoin (BTC) mining difficulty is adjusted once every two weeks to keep the block time constant (around 10 minutes).
A year ago, Bitcoin (BTC) mining was sitting at 22.5 T. Another crucial metric of the Bitcoin (BTC) network, its hashrate (aggregated number of hashes unveiled by all active mining computers) is also going through the roof.
On November 12, 2022, it exceeded 298 quintillion hashes per second (Ehash/s). As of press time, this metric is at the 274 Ehash/s level, up 4% over the past 24 hours.
Bitcoin (BTC) price tumbles below $16,000
Normally, surging metrics indicated the increased interest of miners in securing the network. Despite falling prices and increased mining costs, miners are not quiting, and that might hint at bullish reversal expectations.
Meanwhile, on Monday, the price of Bitcoin (BTC) fell to its lowest level since the collapse of FTX/Alameda. Briefly, it touched the $16,000 level and is now struggling to stay above it.
As covered by U.Today previously, triggered by the collapse of fourth largest centralized exchange FTX and a cascade of liquidations, crypto capitalization dropped to two-year lows.
