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Bitcoin Price Surges as Mining Difficulty Increases

  • Bitcoin price has increased to about $19,0000 recently.
  • This was the highest price last week before it crashed to about $17,000.
  • According to Glassnote, Bitcoin mining difficulties now illustrate almost 8.9% from the highest pitch.

The crypto market’s Bitcoin price is now back to $19,000. This was the highest price last week before falling back to about $17,000. Mining power is seen to rise continuously despite the sudden price surge.

At the time of writing, one bitcoin is worth $19,238.33, according to CoinGecko.

As per Glassnode on-chain analytics, the difficulties in Bitcoin mining has shown an increase of almost 8.9% from the highest point. Leading to this, Bitcoin network hashrate is slightly away from its position.

The network adjustment came sooner as the price of Bitcoin increased to $19,000. As a result, the Bitcoin mining difficulty increased immediately and the hashrate recovered by about 30%.

According to a Coinwarz report, the BTC hashrate went down to 161 exahashes per second (EH/s) and down to as low as 112 EH/s recently.

Following this, the Bitcoin hashrate increased although it had a slight drop that accounted for the above-mentioned 8.9%.

According to Glassnode, Bitcoin mining difficulty is now at 4.4% higher than its previous all-time high. Meanwhile, the Bitcoin mining difficulty adjustment is seen to be a bullish event to watch for.

As days go by, many are hoping that there will be an increase in the number of newly-mined BTC transactions. This means that there will be an additional increase in BTC chargebacks.

Collins Adane

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.

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