Bitcoin mining difficulty approaches ATH as price stabilizes above $ 18K

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The price of Bitcoin has hit a two-year high of over $ 19,000 and has fallen below $ 17,000 more than once in the space of a week as mining difficulties continue to rise.
Bitcoin (BTC) mining difficulty rose 8.9% today, putting the metric below 5% of its all-time high last month, according to chain analytics provider Glassnode.

An increase in mining difficulties marked the start of bullish cycles in 2013 and 2016, although it remains to be seen whether the coin’s recent rally below 3% of its ATH price is bullish in the long term. The price of Bitcoin fell 11% last week as many whales transferred some of their holdings to exchanges and is $ 18,122 at the time of publication.

Greater difficulty in mining can mean increased fees for users and the time it takes to generate a block in addition to increasing the number of unexploited transactions in Bitcoin’s mempool. According to Earn.com estimates, the optimal BTC transaction fee is currently 14,272 satoshis, or around $ 2.60.

The Ethereum (ETH) blockchain has also seen record highs recently. Glassnode reported Mining difficulty for the network hit a two-year high on Friday after the token price fell from over $ 600 on November 23 to $ 513 in three days.

The network hash rate – an indication of the computational power devoted to validating Bitcoin transactions – plunged following the metric and mining difficulty to hit an ATH in October. Data from Blockchain.com shows that the metric fell more than 27% between October 17 and November 2, from 146.5 EH / s to 106.6 EH / s. Bitcoin’s hashrate is currently 130.15 EH / s, according to BTC.com.

At the time of publication, the price of Bitcoin remains above $ 18,000, having risen 1.9% in the past 24 hours.



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