Bitcoin’s Difficulty Reaches All Time High

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Mining one bitcoin has never been more difficult with it hitting all time high on Friday.

The previous peak of 7,454 billion has been overtaken by a new current peak of 7,459 billion.

The difficulty adjustment has now returned blocks back to one every circa 10 minutes, with miners seemingly regaining confidence in bitcoin.

Bitcoin's difficulty since inception, June 2019
Bitcoin’s difficulty since inception, June 2019

As we can see, bitcoin has seen an incredible rise in miners, taking off after January 2018 even as price peaked, with it then peaking last summer.

A drop is clearly visible there, but from this zoomed out perspective it looks like a V recovery. Something that can be seen in the hashrate too:

Bitcoin's hashrate, June 2019
Bitcoin’s hashrate, June 2019

After up and up in a year, bitcoin’s hashrate saw a sharp drop in November and December, halving in a few weeks.

Since then, the hashrate and thus network security has been increasing to now very close to all-time high which has not yet been surpassed.

That means blocktimes might become a little bit slower, with Bitinfo stating they stand at 10 minutes and 45 seconds.

In contrast, ethereum’s hashrate is still largely down by about 50% despite eth now seemingly eyeing $300.

Ethereum's hashrate, June 2019
Ethereum’s hashrate, June 2019

We can see ethereum’s hashrate started falling way before bitcoin and over a longer period of time from circa May 2018 to about February 2019.

Then there’s a small recovery, but no where near the clear V that bitcoin is seeing. The reason being that bitcoin is actually in the green, while eth is still more than 50% down from this time last year.

Bitcoin's prices over one year, June 2019
Bitcoin’s prices over one year, June 2019

Quite interestingly, only bitcoin is up over a year out of the top cryptos. BNB of course has gained quite a bit due to Initial Exchange Offerings (IEO), but most tokens and cryptos are quite deeply in read over a one year period.

Thus bitcoin’s hashrate is up and up as confidence seemingly returns to cryptocurrencies.

Copyrights Trustnodes.com

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