Bitcoin Mining Hits Record Difficulty
The hashrate that represents Bitcoin mining capacity currently stands at 248.11 million terahashes
Hashrate is an indicator of the computing power of mining systems. Miners use powerful computers to process millions of calculations per second and receive Bitcoins for each block decoded.
According to CoinDesk, usually, the index peaks when the cryptocurrency market is strong and vice versa because more miners are attracted to join the network. For example, in April 2021, the hashrate reached 198,514 million TH/s and Bitcoin was also priced at $63,600, but then the hashrate dropped to 106.676 million TH/s and the Bitcoin price also dropped 23% to $49,040. In May 2021, China banned Bitcoin mining causing the hashrate to plummet 69.3%, from 190,552 million TH/s to 58,461 million TH/s, Bitcoin price plummeting from 58,770 USD to 29,780 USD.
Bitcoin then rallied and peaked again in November 2021 at nearly $69,000 per coin. At that time, the hashrate of this cryptocurrency also increased continuously before reaching a record in February.
However, experts say that the high hashrate can cause the Bitcoin price to fluctuate greatly and mining this digital currency will be many times more difficult.