Overview

Bitcoin mining difficulty is on the verge of reaching new heights, with projections indicating an increase of over 4% to 126.95 trillion. This spike coincides with a surge in the hashrate, aiming to establish a new record despite ongoing low transaction fees.

Key Points

• The seven-day average for Bitcoin’s hashrate has surged to 918 EH/s, up from 840 EH/s within two weeks, nearing the prior peak of 925 EH/s.
• Current transaction fees have remained approximately 2 satoshis/vB (around $0.30), reflecting low on-chain engagement.
• This rise in difficulty signifies a stronger commitment to securing the Bitcoin blockchain, representing a positive outlook on its long-term value.

Details

Bitcoin’s mining difficulties are set to adjust every 2,016 blocks, influenced largely by the network’s hashrate, which gauges the computational power aimed at securing the network. Currently, the hashrate’s seven-day average stands at 918 EH/s, marking a significant increase from previous weeks. Should the push continue, it could establish yet another historic high in hashrate. Even with mining activity on an upswing, the fees tied to transactions remain strikingly low, signaling a minimal demand for use on the Bitcoin network. These contrasting figures illuminate a gap between the infrastructure’s expansion and its actual usage.