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Bitcoin network hit yet another ATH in mining difficulty after a steady climb since last July’s lows

According to CoinWarz, Bitcoin’s mining difficulty has hit a new high of 27.97 trillion hashes (T). This is the second time Bitcoin hit a new all-time high on the difficulty in three weeks. On January 23, the difficulty hit 26.7 T when the hash rate was 190.71 EH/s (exahashes per second).

bitcoin-difficulty-reaches-all-time-high-hash-rate-up-45-in-6-months

Source: CoinWarz

Bitcoin difficulty reaches an all-time high, hash rate up 45% in 6 months

The Bitcoin network has hit an all-time high in mining difficulty after a steady increase since last July’s low. Higher difficulty means more competition among miners to confirm a block and extract block rewards. As a result, miners have recently started selling off their company’s coins or shares to keep their cash reserves intact. Most notably, Marathon Digital Holdings filed on February 12 to sell $750 million in shares of its company.

Different measurement tools have recorded different hash rate highs over the last few weeks. YCharts tools displayed a hash rate ATH of 248.11 EH/s on Feb. 13. According to Blockchain.com, the hash rate for the network has also hit a new ATH, which indicates a hash rate of 211.9 EH/s.

bitcoin-difficulty-reaches-all-time-high-hash-rate-up-45-in-6-months

Source: Blockchain.com

Among them, AntPool and F2Pool contributed the most hash power. Antpool accounts for 96 blocks mined in the past four days, while F2Pool accounts for 93.

Currently, CEO and founder of leading blockchain venture fund Pantera Capital, Dan Morehead, stated that crypto would be the best place to store capital following the potential fallout of interest rate hikes from the U.S. Federal Reserve (Fed).

“I think our markets will decouple soon. Investors are going to think that bonds will get crushed as the Fed goes from the only buyer on Earth to seller. He added that rising rates would make equities and real estate less attractive”, he added. “So, where does one invest when both stocks and bonds are falling? (Normally they are negatively correlated.) Blockchain is a very legit place to invest in that world.”

bitcoin-difficulty-reaches-all-time-high-hash-rate-up-45-in-6-months[1]

Source: Dan Morehead

However, he did note that there could be a lot and ups and downs before the crypto market goes on to surge again.

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