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.
Bitcoin mining difficulty has increased by 8.9% today.
He is now only 4.4% below his ATH.
Graphic: https://t.co/qtmuDmTfGS pic.twitter.com/1eX63yBAgc
– glassnode (@glassnode) November 29, 2020
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.