U.Today – Bitcoin (BTC) Hashrate Reaches New High

The Bitcoin (BTC) hashrate, the total number of hashes generated by all Bitcoin mining computers per second, has hit a record level. Bitcoin difficulty may also reach an all-time high tomorrow amid a predicted positive adjustment.

Bitcoin (BTC) Hashrate Hits New All-Time High

Bitcoin (BTC), the largest cryptocurrency network, has achieved a new hashrate record. Following a remarkable 25.3% increase overnight, it has reached 925 Eh/s (quintillion hashes per second), marking the highest level ever recorded in Bitcoin's history.

Mining difficulty, which indicates how challenging it is to find the next Bitcoin block hash, is expected to break records as well. Tomorrow’s adjustment may see a 4.17% increase, surpassing 95.88 T, compared to the previous record of 92.76 T set in mid-September.

Currently, the Bitcoin network is processing blocks 40 seconds faster than anticipated, reflecting heightened network activity and optimism among miners.

As miners seek potential gains, they commonly introduce new hardware to the network, driving up both hashrate and mining difficulty.

Bitcoin (BTC) Bull Run Finally Starting?

After a recent comeback, the Bitcoin price reached $69,500 on October 21, 2024, the highest since mid-June. This surge has triggered investor optimism, pushing the Fear and Greed Index to 72/100, signaling strong greed.

In the past 24 hours, over 70% of derivative market liquidations have involved short positions being covered. As reported by U.Today previously, Bitcoin has only five days left to initiate a bullish phase; otherwise, it will experience its longest bearish downturn in history.

According to Ki Young Ju, CEO of CryptoQuant, this may be the longest sideways trend in a halving year for BTC.

This article was originally published on U.Today.