While Bitcoin’s price is struggling, its network continues to hit all-time highs. The hash rate of the BTC network hit a new record high of 258 EH/s on Thursday before settling around the 220 EH/s mark.
A rise in the mining difficulty signifies that more miners are competing against each other to mine the next block.to data from BTC.com, Bitcoin mining difficulty increased by 5% on April 27 and has seen three positive re-adjustments and two negative ones in 2022. The next difficulty adjustment is slated for May 10.
Bitcoin network has stood the test of times and various regulatory onslaughts. The rise in mining difficulty and network hash rate also comes at a time when there is a significant push for Bitcoin’s change to proof-of-stake from its current proof-of-work mining consensus.
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