The price of bitcoin hit a two-year high of more than $ 19,000 and It has fallen below $ 17,000 more than once in a week as mining difficulties continue to mount.
According to on-chain analytics provider Glassnode Bitcoin (BTC) mining difficulty increased 8.9% today, within 5% of the maximum set last month.
The difficulty of mining Bitcoin increased 8.9% today. It is now only 4.4% below its all-time high.
Graphic: https://t.co/qtmuDmTfGS pic.twitter.com/1eX63yBAgc
– Glass node (@glassnode) November 29, 2020
Rising difficulties in mining marked the start of the bull cycles in 2013 and 2016, although it remains to be seen whether the currency’s recent rally is bullish over the long term and is within 3% of its all-time high. The price of Bitcoin fell 11% last week as many whales moved some of their property to exchanges. At press time, it is priced at $ 18,122.
Increased difficulties in mining can lead to higher fees for users and the time required to generate a block, as well as an increase in the number of unspent transactions in the Bitcoin mempool. Earn.com estimates that the optimal BTC transaction rate is currently 14,272 satoses, or roughly $ 2.60.
Ethereum’s (ETH) blockchain has also hit all-time highs recently. Glass knot reported that the network’s difficulty for mining was at a two-year high on Friday after the price of the token fell from more than $ 600 to $ 513 in three days on November 23.
The hash rate of the network -an indication of how much computing power is used to validate Bitcoin transactions- collapsed after the metric and mining struggled to hit all-time highs in October. Data from Blockchain.com shows that the metric system fell more than 27% from 146.5 EH / s to 106.6 EH / s between October 17 and November 2. Bitcoin’s hashing rate is currently 130.15 EH / s, according to BTC.com.
At the time of this writing Bitcoin’s price remains above $ 18,000 after rising 1.9% in the past 24 hours.
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