Bitcoin’s Total Hashrate
After a brief period of relative stability, Bitcoin’s hashrate reached yet another all-time high.
This shouldn’t come as a surprise, as it coincides with a historical trend regarding the Bitcoin mining ecosystem: hashrate tends to follow price with a few weeks of lag.
However, timing didn’t really play out for miners this time. Just when they were catching up with Bitcoin’s rally to $30K, they were hit with a strong correction back to $26K.
Bitcoin price action and total hashrate.
Despite this, hashrate at the time of the adjustment still managed to average 397.74 EH/s — a new all time-high for difficulty adjustments — and keeps growing as we approach the next mining epoch.
Bitcoin’s Mining Difficulty
Naturally, a new hashrate all-time high has also led to a new high in difficulty.
Indeed, mining a new Bitcoin block has become 6.17% more difficult. Difficulty is now sitting at 55.62T — its maximum level ever.