Bitcoin Mining, Difficulty Level Peaked!
Cryptocurrency News – Bitcoin mining difficulty hits 29.79 trillion for the first time. The hash rate was also an ATH fresh. Bitcoin endured a seller attack as it calmly rose to $39,000 despite a volatile broader market.
Despite the volatility, its adoption continues and mining difficulty has never been higher. Withdrawal, mining difficulty has increased by about 30% since a year ago when the numbers were around 23.58 trillion. Bitcoin mining has become harder than ever before.
Bitcoin Mining Has Never Been This Difficult
According to data shared by BTC.com, Bitcoin mining difficulty saw an increase of over 5% on April 27. As a result of its increase yesterday, it reached a record level. Since the start of 2022, the metric has increased by about 23% as it has undergone three positive realignments. The next difficulty adjustment will be made on May 10.
On the other hand, Bitcoin's network hash rate has fluctuated significantly following the price action. It even hit an all-time high of over 258 EH/s on the same day before approaching 222.68 EH/s.
Data Remains High for Bitcoin Mining
Data from BTC.com also revealed that Foundry USA is the leader in the chart contributing the most hashing power. This was followed by AntPool with 14.28%, F2Pool with 13.86%, Poolin with 12.58%, ViaBTC with 11.73%, and Binance with 11.30%.
Blockchain analytics platform Glassnode recently said that Bitcoins are accumulating and both individual and professional investors are buying some of the assets from exchanges. The analysis platform shared that there is a picture of willingness to hold current prices in private and cold wallets.
Wallets with more than 1K BTC are also seeing an aggressive upward move that could signal big players are starting to accumulate again.
On the other hand, some countries have adhered to higher taxation rather than regulatory clarity, while a few have taken the bold step of addressing the latter. In the last decade, several economically challenged countries have switched to the US dollar. However, excessive printing is driving people away from these fiat currencies.