Bitcoin Mining Difficulty Reached New High Level
Bitcoin’s difficulty is at an all-time high at the time of writing, which means that miners are earning less in rewards per unit of hash power than ever before.
Bitcoin mining difficulty seems to be at the 50 trillion mark in the coming days. Despite the fact that mining Bitcoin has gotten more difficult, the hashrate has remained consistent at 357.15 exahash per second (EH/s) during the previous 2,016 blocks.
BTC difficult. Source: ycharts.com
Miners are interested in forecasting Bitcoin’s hash rate growth and difficulty trends for business planning, in addition to the price of BTC.
The acceleration in block intervals or periods above the ten-minute average signals that another difficulty increase is on the way next week. Now, predictions show a possible rise on May 31, ranging from 1.1% to 2.51%. If this happens, Bitcoin mining difficulty will be at 50.79 trillion, marking the first time in Bitcoin’s history that it has surpassed the 50 trillion level.
According to JPMorgan experts, at the present price of gold, which is just under $2000 per ounce, BTC would be trading for roughly $45,000 since the two assets tend to move in tandem and are exchanged at around $45,000. Investors examine their options.
The United States seems to be on the verge of a catastrophic debt default after the White House and House Republicans reached a preliminary agreement on May 27. In anticipation of the agreement on May 26, the US equity markets rose, and the bullish attitude has rubbed off on the cryptocurrency industry, which is striving to rebound. BTC, supported by this good news, is currently trading at around $28,000.
BTC price chart. Source: TradingView
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