- Bitcoin’s mining difficulty reached an all-time high in mid-February. A new all-time high is expected in the next readjustment.
- The hash rate records positive levels and is on the rise.
According to data from BitInfoCharts, the Bitcoin network shows a steady growth. Only two months before the Bitcoin halving, the network is in good health and has reached new all-time highs. The mining difficulty was at 15.52 TH/s in mid-February with a slight drop to 15.50 TH/s at the 25th readjustment of that month. However, a rebound and new all-time high is expected for the next readjustment. The next readjustment will take place in a week’s time and is expected to increase the difficulty by 2.12% to 15.81 TH/s.
As shown in the graph, the difficulty level experienced a continuous increase during January 2020. During this month, Bitcoin’s price performance was positive. The increase can also be attributed to the hype prior to the Bitcoin halving. In the next readjustment, the difficulty level is expected to reach a new all-time high. The trend could continue as halving approaches.
On the other hand, BitInfoCharts show a further growth in the Bitcoin hash rate. The hash rate reached an all-time high in mid-January of this year when it stood at 125.1E. Although it dropped slightly, the hash rate reached 120.4E on March 1.
How is Bitcoin’s hash rate distributed?
According to Blockchain.com, Bitcoin’s hash rate is distributed among 19 mining pools. The F2Pool mining group has the highest hash rate with 18%, followed by Poolin with 16.7%, BTC.com with 11% and AntPool with 10.8%. As shown in the following chart, the rest of the hash rate is distributed in smaller groups. Of these groups, the largest is ViaBTC with 7.5%, followed by an unidentified group that controls 7.2% of the hash rate.
The price of Bitcoin trades at $8,771, at the time the article was published, and has made a 2.06% gain in the last 24 hours. In the week’s graph BTC shows losses of 11.97% and in the monthly chart of 5.93%.
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