Bitcoin Mining And Hashrate Records Massive Rise

While Bitcoin continues to rise in price, its adoption continues to skyrocket. But while that is something that is seen in a positive light, the digital asset has now seen its mining difficulty increase. Going by the recent news in the sector, crypto miners on the Bitcoin network have seen both their mining difficulty and hash rate go higher, creating an all-time high in the process.

This is now surprising because, on a normal day, mining Bitcoin is very tedious. After all, it consumes energy and needs high-end equipment. This is also one of the things that ensure that the security on the network is intact.

The mining Hashrate has been on the increase since the beginning of March

According to several definitions in the cryptosystem, a hashrate is used to determine how good the processing power of a network usually is. With more miners joining the previous fold of miners on a network, the mining hash rate is always expected to go higher, which means that security on the network is very good, as mentioned above.

After the recent news of the drop in the hashrate of the digital asset, some few miners from the mining savvy region of Sichuan and since that period, the Bitcoin network has continued to record a massive surge. With this, several news outlets across the crypto space pointed out that the mining hash rate has indeed topped and gone to the sky as before.

After the high that was recorded across February, things looked like they were going back to normal until the hash rate skyrocketed again. The hash rate has increased in the last few weeks, pushing the digital asset close to 166 million TH/s.

Miners are congesting the Bitcoin network

While the hash rate level is something to be concerned about, miners also have difficulty mining on the blockchain, hence the record rise of mining. The mining level is a level that was determined by the creator of the digital asset, Satoshi Nakamoto, which made mining easy or hard for miners.

This level is dependent on the activities of the miners on the network. The network adjusts itself every time miners mine a total of 2016 blocks. With this, the mining difficulty is always high when the network is congested with miners and always takes a beating when people are less on the mining network.

According to blockchain.com data, after the recent negative readjustment, the digital asset has been massive domination of the network by the positives. This further shows that the number of people that are actively working on the Bitcoin network is gradually on the increase.