Bitcoin Difficulty Hits All-Time High as Price Remains Below $40K

AnalysisBitcoin Difficulty Hits All-Time High as Price Remains Below...



Alex Dovbnya

Bitcoin’s fundamentals keep getting stronger despite the sluggish price performance

Bitcoin difficulty has reached a new all-time high of 29.7 trillion, according to data provided by BTC.com.

It has spiked more than 5% over the past two weeks, which marks the biggest increase since January.

The network updates mining difficulty every 2016 blocks to make sure that miners are neither overproducing nor underproducing coins.

At the same time, Bitcoin’s hashrate also hit yet another all-time high of 220.49 EH/s. This means that the network has reached its peak resilience.

BTC
Image by blockchain.com

In the meantime, the Bitcoin price remains below the $40,000 level. The largest cryptocurrency remains in the green after bouncing off the $37,000 support level.



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