According to recent data, the Bitcoin 7-day hashrate has hit a new all-time high, which will affect the mining difficulty later today. The “mining hashrate” measures the total computing power the Bitcoin miners have connected to the network. A higher value indicates more machines connected, implying that chain validators find mining profitable on the Bitcoin network currently. On the other hand, a decreasing value means that miners are leaving the chain. Miners usually pay costs in USD when it comes to electricity prices, so they rely on the USD value of their rewards. Hence, the rise in BTC’s spot price increases revenue for miners and incentivizes new miners to join the blockchain network. The mining difficulty feature aims to keep the pace of mining blocks at a relatively constant level, thereby balancing out a rise in hashrate in the Bitcoin network. The network increases the difficulty just enough to slow miners back to the desired production rate. Due to the latest surge in hashrate, the Bitcoin mining difficulty is set to go up by 3% in the next adjustment, scheduled to occur later today.

BTC Price

Bitcoin still trading around $27,100, up 1% in the last week