After a steady climb from last July’s lows, the Bitcoin network has reached yet another record in mining difficulty.
CoinWarz, an on-chain analysis tool, indicated that the mining difficulty had reached a new record of 27.97 trillion hashes (T) on February 18. It is the second consecutive time that Bitcoin (BTC), has reached a new ATH in terms difficulty. January 23rd, difficulty was 26.7 T at 190.71 EH/s. This is equivalent to about 270.71 EH/s per second.
A higher difficulty level means that miners are more likely to verify a block and receive a block reward. To preserve their cash reserves, miners are selling coins and stock of their companies. Marathon Digital Holdings filed a Feb. 12th filing to sell $750,000,000 in shares of the company.
According to data from Blockchain.com the hash rate for network has reached a new ATH. This indicates a hashrate of 211.9 EH/s. Over the past few weeks, different measurement tools have reported different highs in hash rates. YCharts tools had a hash rate ATH at 248.11 EH/s February 13.
AntPool, and F2Pool have contributed the greatest amounts of hash power among the global mining pools. According to data from Blockchain.com, Antpool has contributed 96 blocks in the last four days and F2Pool has contributed 93.
No matter what measurement tools are used, both mining difficulty and hash rate have been rising since the July deep troughs. The hash rate was at its lowest point at 69 (according to CoinWarz), while the mining difficulty dropped to 13.6 trillion hashes.
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However, a higher hash rate means more security for the network. The network’s hash power is proportional to how distributed it is in order to make sure that every transaction on-chain takes place. As miners determine whether their operations are feasible, this dilemma will continue.