Bitcoin’s Difficulty and Hashrate Hit Record Highs

The competition for Bitcoin mining has grown fiercer with the difficulty level hitting a new record high, following a 3.22% rise on Thursday. Coupled with this, the network’s hashrate also reached unprecedented heights, making the landscape more competitive for miners.

The increased difficulty level, measured at 49.55 trillion at block height 790,272 during the recent adjustment, signals the increased competition among miners. This rebound follows a 1.45% decline in the previous adjustment on May 4, as per data from BTC.com.

Alongside the mining difficulty, the hashrate, also showed an upward trend. Bitcoin’s hashrate touched around 368.5 exahashes per second on Wednesday, a rise from 350.8 exahashes on May 4, as the data from Blockchain.com suggests.

However, the Bitcoin price showed mixed behavior. Over the last 24 hours, it recorded a slight uptick of 1%, trading at US$27,276 as of 1:40 p.m. in Hong Kong. Nevertheless, a weekly overview reveals a small dip of 0.72%. The largest coin by market capitalization, which was traded around US$29,000 on May 4, is still showing a respectable yearly gain of 64%.