Bitcoin miners, buckle up! The difficulty of mining Bitcoin has reached a record high of 83.99 trillion hashes, a 5.79% increase since the last adjustment. This signifies:
- More miners: The hashrate, representing the combined processing power dedicated to mining, has also hit an all-time high of 616.74 EH/s. This indicates an influx of new miners joining the network.
- Halving countdown: A rising difficulty brings the next Bitcoin halving, scheduled for April, closer. This event cuts the block reward for miners in half, potentially impacting profitability.
Price on the Rise:
This surge in mining activity coincides with Bitcoin’s recent price rally. Since September 2023, when Bitcoin climbed above $30,000, the mining difficulty has been steadily increasing.
Bitcoin Breaks Records:
- New All-Time High: On March 14th, Bitcoin reached a record high of $73,737, marking a nearly 46% increase in the past month.
- Market Dominance: Bitcoin’s market capitalization currently surpasses $1.4 trillion.
Trading Activity:
- Volatility: Despite the price surge, Bitcoin saw a slight correction. As of writing, it trades at $71,885, down 1.4% in 24 hours.
- Increased Futures Interest: Open interest in Bitcoin futures contracts on exchanges reached a new high of $33.9 billion on March 13th, reflecting heightened market activity and investor sentiment.
