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.