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All-Time High for Bitcoin in mining difficulty

After a steady increase from last July’s lows, the Bitcoin network has reached yet another all-time high in mining difficulty.

Tool for analysing the chain of events On February 18, CoinWarz reported that mining difficulty had reached a new high of 27.97 trillion hashes (T). Bitcoin (BTC) has now reached a new all-time high in terms of difficulty for the second time in three weeks. When hash rates were 190.71 EH/s on Jan. 23, difficulty hit 26.7 T. (exahashes per second). The higher the difficulty, the more miners compete to confirm a block and extract a block reward. As a result, miners have recently begun selling coins or stock in their companies to maintain their cash reserves. Marathon Digital Holdings, for example, filed on Feb. 12 to sell $750 million in company shares.

According to data from Blockchain.com, the network’s hash rate has also reached a new high, with a hash rate of 211.9 EH/s. Over the last few weeks, different monitoring methods have recorded different hash rate highs. On February 13, YCharts tools showed a hash rate ATH of 248.11 EH/s.

However, a higher hash rate indicates the network is more secure. The more hash power the network employs, the more evenly spread the work for each on-chain transaction becomes. This struggle between miners to secure the network while still making enough money is expected to continue as they assess the viability of their current operations.

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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