Another Bitcoin bloodbath

Bitcoin Mining Difficulty Hits Record Level

Bitcoin mining difficulty was readjusted to a lifetime high of 29.79 trillion while its hash rate also notched an ATH.

Bitcoin’s mining difficulty has reached 29.79 trillion.

Bitcoin approached $ 39 thousand and sellers stepped in. mining difficulty is at the highest level. Bitcoin mining difficulty increased 30% in one year (23.58 trillion last year).

Bitcoin Mining

Mining Bitcoin Has Never Been More Difficult

Bitcoin mining difficulty hit a record high on April 27 (5% increase). The total increase since the beginning of 2022 is 23%. The next difficulty adjustment will be made in May.

Embracing the Bitcoin Standard

Blockchain analytics platform Glassnode, Blockchain analytics platform Glassnode, recently noted that bitcoins have been piling up and both retail and professional investors are taking some of the asset from exchanges and are willing to hold current prices in private and cold wallets.

This development comes despite the crypto market continuing to struggle bullish in recent months. Also, wallets holding more than 1K BTC have shown an aggressive upward move which could signal that they are starting to accumulate again.

In the last decade, several economically challenged countries have switched to the US dollar. However, printing excessive money drives people away from these currencies.

A long period of high inflation, high unemployment rates, and stagnant aggregate demand have rendered existing monetary instruments useless. Investors are now increasingly embracing Bitcoin. After El Salvador legalized Bitcoin, the Central African Republic did the same. It was the first African country to do so.

Related : U.S Congress Members Holding $1.8 Million Worth of Crypto Assets Causes  Concern

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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