Bitcoin (BTC) mining difficulty has hit another absolute maximum. The asset’s mining hashrate also reached a record level. According to the latest recalculation dated March 14, the difficulty of mining the first cryptocurrency was 83.95 T. This is evidenced by data from BTC.com.
Mining difficulty and hashrate are breaking records
The BTC mining difficulty indicator began to actively grow in September 2023. Around that time, the price of Bitcoin rose above $30 thousand. It has never fallen below this level since then.
During almost every recalculation, the difficulty of mining the first cryptocurrency only breaks the previous record. The last one was recorded on February 15 – at a level of 81.73 T.
Mining difficulty is an indicator that shows how difficult the mathematical calculations required to create a new block in the BTC network and receive a reward for it are. The indicator regulates the rate of release of new coins, thereby ensuring the stability of the system.The current mining hashrate of the first cryptocurrency has also reached its maximum. This means that more participants have joined the mining activity. Currently the figure is 615.37 EH/s.
What’s happening to the price of Bitcoin now?
Today, March 14, the first cryptocurrency once again updated its historical maximum at $73,737. According to coinmarketcap, over the past month the value of Bitcoin has increased by almost 46%. Two factors are driving this bullish trend: the upcoming halving scheduled for late April and steady inflows into BTC spot ETFs.
At the time of writing, Bitcoin is trading at $69,653. Over the past few hours, the price of the asset has decreased by 0.9%, and the daily trading volume has decreased by 30% to $44 billion. The market value of BTC currently exceeds $1.4 trillion.
Thanks to the ongoing rally, the number of millionaire wallets is also increasing at a record pace. Thus, every day the balances at about 1,500 addresses grow to $1 million or more. However, the current figure is much lower than what was seen during the 2021 bull market.
About Bitcoin ETF
Bitcoin ETF is a stock market trading instrument, equivalent to shares, but based on the value of the Bitcoin cryptocurrency. ETF stands for exchange-traded funds, that is, assets traded on the exchange.
At the moment, there is no Bitcoin ETF in the American stock market, which has the greatest economic importance. The possibility of its use will appear only after approval from regulatory authorities, in particular, the SEC (American Securities and Exchange Commission). Many companies have already submitted applications for consideration of the Bitcoin ETF, but the SEC is dragging its feet and repeatedly delaying the decision. The first Bitcoin ETF from ProShares and Invesco Ltd could be approved by the SEC as soon as October. It is believed that the emergence of such an exchange asset will have the most positive impact on the value of BTC, since this will ensure an influx of stock investors.
