Bitcoin has been moving within certain ranges in recent weeks, but news of new records has arrived.
According to Coindesk, the Bitcoin hash rate exceeded 1 Zettahash for the first time.
News based on GlassNode data stated that the Bitcoin (BTC) hashrate exceeded 1 Zettahash (Zh/s) for the first time in history based on a 7-day moving average.
Hash rates have temporarily reached Zettahash several times this year, but this is the first time that they have reached this level on their seven-day moving average.
Analysts expect this rapid increase in processing capacity will lead to a major difficult adjustment of more than 7% in the coming days.
The difficulty adjustment occurs about every two weeks, ensuring that new blocks are added to the blockchain about every 10 minutes, regardless of total mining power.
“As the hashrate rises, the difficulty of Bitcoin mining is expected to increase by more than 7%, which is expected to be the second biggest increase this year.”
What is the difficulty of Bitcoin mining?
Bitcoin difficulty is an automatically adjusted property that determines how difficult it is to minify a Bitcoin block.
The difficulty of mining on the Bitcoin Network changes and updates automatically every 2,016 blocks. This is to maintain an average block generation time of 10 minutes.
There is no close correlation between the price of BTC and the difficulty or hashrate of Bitcoin mining. As the bitcoin network becomes more difficult, the network becomes more secure and the competition between miners increases.
In this context, hashrates are not directly related metrics to price, but are interpreted as positive data for price. This means that network demand and network security are increasing.
*This is not investment advice.
