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The difficulty of hashing in the Bitcoin network is reaching an all-time high

The difficulty of hashing in the Bitcoin network is reaching an all-time high

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Answer The difficulty of hashing in the Bitcoin network is reaching an all-time high

Bitcoin’s hash rate has remained stable throughout the year, with a slow increase in difficulty.

But on the same day that Bitcoin miners returned the 19 millionth coin, the difficulty of mining in the Bitcoin network reached an all-time high of 28,587 trillion.

According to Blockchain.com data, the difficulty of the bitcoin network is related to the computational power required to mine bitcoin blocks, which currently requires an estimated hash rate of 201.84 exahhashes per second (EH/s).

Supporting the increase in network difficulty, Bitcoin’s hash rate has remained strong throughout the year, reaching an all-time high of 248.11 EH/s on February 13.

A higher hash rate protects the network from double spending attacks, (double spending is the process of reversing Bitcoin transactions on the blockchain by contributing at least 51% of the Bitcoin hash rate).

Read:Activating an important upgrade of the Litecoin blockchain that helps add more privacy

On March 4, about a month before it hit an all-time high, the difficulty of the Bitcoin network dropped from 27.96 trillion to 27.55 trillion, and then to 27.45 trillion as of March 30.

Despite the recent decrease in difficulty, the strong Bitcoin network has been growing steadily since July 2021.

Currently there are only 2 million bitcoins left to be mined and earned as rewards to miners around the world, and the bitcoin network is expected to grow even stronger especially with its thriving community and supporters.

Read:One of the leading crypto projects is officially dying…details here

Read also:

Bitcoin Holds $46K Level & Digital Coin LUNA Rises To New All-Time High

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