Bitcoin mining
Interior of a cryptocurrency mining farm with ASIC mining rigs.
Blockchain

Bitcoin Rally Continues as Mining Difficulty Approaches ATH

Bitcoin price has hit a two-year high and is currently trading at more than $19000. However, with increased mining difficulty, it has plummeted to less than $17K two times in the last week. According to analysts, Bitcoin mining difficulty is inching closer to its all-time high, as it is lurking within the 5% range of its ATH. Reports suggest that Bitcoin Mining Difficulty increased by approximately 9% yesterday. 

Bitcoin’s bullish phases back in 2013 and 2016 were preceded by a marked increase in mining difficulty. It would be interesting to note if the recent spike will play any major role in helping Bitcoin maintain a long-term bullish trend. At the time of writing this piece, Bitcoin stands strong at $19200. 

Implications of Increased Mining Difficulty

An increased mining difficulty could lead to a spike in the number of unmined BTC transactions in the mempool. At the same time, it could well increase transaction fees for users. Most importantly, greater the mining difficulty, higher is the time required to generate a block in the Bitcoin blockchain

ETH Mining Difficulty

According to the latest reports, ETH also witnessed a two-year-high mining difficulty last week. Ether subsequently faced a dip from $600 to $512 over the span of only three days. 

Tina verma

I'm a dynamic and passionate blog writer who brings words to life with her unique perspective and engaging writing style. With a deep love for storytelling and a keen eye for detail, I crafts content that not only informs but also captivates readers from diverse backgrounds.

About the author

Tina verma

I'm a dynamic and passionate blog writer who brings words to life with her unique perspective and engaging writing style. With a deep love for storytelling and a keen eye for detail, I crafts content that not only informs but also captivates readers from diverse backgrounds.