Bitcoin Network Stronger Than Ever After BTC Rises To $ 41,000

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Alex Dovbnya

Bitcoin hashrate hits new all-time high after cryptocurrency climbs back to $ 41,000

Contents

  • Bitcoin’s difficulty adjusts to lifetime high
  • Miners pocket record income

Bitcoin’s seven-day hashrate average posted a new all-time high of 156.51 exahashs per second (EH / s), according to data provided by cryptocurrency company CoinMetrics.

CoinMetrics
Image by coinmetrics.io

The world’s largest cryptocurrency network has grown 40% more powerful since last February, when its total mining power was 110 pe / s.

Bitcoin’s difficulty adjusts to lifetime high

On February 6, Bitcoin’s mining difficulty also climbed 2.93% to an all-time high of $ 21.43 trillion, recording its third consecutive positive adjustment.

The metric adjusts about every two weeks to ensure that the block production time does not deviate too much from the standard 10 minutes.

Notably, the difficulty of Bitcoin is estimated increase a further 2.88% in two weeks, which would be the first time the cryptocurrency has undergone four consecutive positive adjustments since the first quarter of 2020.

Miners pocket record income

The new highs coincided with Bitcoin recovering the $ 40,000 level for the first time since January 14.

The rapidly growing hashrate means that it is economically viable to mine coins at current prices. On February 5, Bitcoin miners generated $ 45.67 million in revenue, setting a new daily record.

Minors' income
Image by blockchain.com

New players are aggressively joining the market, with Chinese games company The9 having recently acquired 31,000 mining machines.


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