Record-breaking increase in Bitcoin hash rate boosts network difficulty

Share This Post

Quick Take

Bitcoin’s network witnessed a remarkable event on Friday, as the hash rate surged to a peak of over 500 exahashes per second (eh/s) from the previous day’s figure of 400 eh/s.

This uncommon increase constitutes the single largest one-day augmentation in hash rate that the Bitcoin network has ever experienced. This upswing in hash rate typically observed using a 7/14-day Simple Moving Average (SMA), resulted in a consequential increase in network difficulty by over 5%.

This adjustment ranks as the sixth largest within the current year, signifying a robust network environment and possibly indicating increased miner participation.

This significant surge in Bitcoin’s hash rate and the subsequent increase in network difficulty underscores the dynamic and continually evolving nature of the cryptocurrency’s underlying technology. It is essential to keep monitoring these metrics, as they provide valuable insights into the overall health and security of the Bitcoin network.

Hash Rate: (Source: Glassnode)
Hash Rate: (Source: Glassnode)

The post Record-breaking increase in Bitcoin hash rate boosts network difficulty appeared first on CryptoSlate.

Read Entire Article

Related Posts

Crypto Analyst Predicts 28,900% Rally To $154 For XRP Price, Here’s When

Crypto analyst CryptoBull recently highlighted a bullish pattern that could send the XRP price to three figures However, the analyst failed to give an exact timeline for when this massive rally would

Bitcoin Stalls Below $72,000: Is This The Weakest BTC Bull Run In 15 Years?

Bitcoin prices are firm when writing and trading at around multi-month highs but below the all-important liquidation line at around $72,000 While up roughly 20% from May 2024 lows, some analysts are

US Treasury Secretary Yellen Warns of Challenges in Controlling Deficits and Interest Expense

US Treasury Secretary Janet Yellen has stressed the importance of managing US borrowing needs amid higher long-term interest rates, emphasizing the need to boost revenue in budget negotiations

Retail activity dominates Bitcoin, overshadowing institutional moves

When analyzing the Bitcoin market, it’s equally important to understand the behavior of different market participants as it is to understand the technical foundations of Bitcoin’s price

Apu Memecoin Soars, Reaching 11,600 Token Holders with Strong Community Support

PRESS RELEASE Apu Apustaja, a new memecoin making waves in the industry, has announced impressive support from its rapidly growing community, including over 11,650 coin holders and more than 13,000

Shiba Inu Barrels Toward Another Milestone In Major Metric, Price Shows No Signs Of Life

The Shiba Inu (SHIB) ecosystem is set to record another milestone, with the layer-2 network Shibarium approaching 5 million blocks Despite this development, Shiba Inu’s price has remained tepid for
- Advertisement -spot_img