Bitcoin surges to all-time high network difficulty amid low prices

Bitcoin network has reached a new all-time high mining difficulty of 26.643 trillion with an average hash rate of 190.71 EH/s.
Bitcoin network has reached a new all-time high mining difficulty of 26.643 trillion with an average hash rate of 190.71 EH/s.

Despite an ongoing bearish situation in the crypto market, the Bitcoin (BTC) network has reached a new all-time high mining difficulty of 26.643 trillion with an average hash rate of 190.71 exahash per second (EH/s), indicating strong support from the community.

The difficulty of the Bitcoin network is defined by overall processing power, which is linked to the challenge of confirming transactions and mining Bitcoins. According to blockchain.com data, network difficulty decreased between May and July 2021 due to a variety of factors, including China’s nationwide ban on crypto mining.

Bitcoin network reaches all-time high

However, beginning August 2021, the network difficulty has drastically improved as displaced miners began operations from other nations. As a result, the Bitcoin network reached an all-time high of 26.643 trillion on January 22.

According to BTC.com, the network will continue to strengthen in the coming 12 days, reaching another all-time high with a network difficulty of 26.70 trillion.

F2Pool has contributed the most to the hash rate in the last four days, mining 88 BTC blocks, followed by Poolin with 76 blocks. The average fee per transaction is around $1.58 as of yesterday, a sum that peaked at $62.78 in April 2021.

Despite federal push to tighten monetary policies around cryptocurrencies, Bloomberg commodity strategist Mike McGlone believes BTC has a chance to win because investors realise its potential as a digital reserve asset.

McGlone believes that the king coin is in a unique position to outperform in an era where risk assets are typically deemed negative: “Cryptos are tops among the risky and speculative. If risk assets fall in value, it aids the Fed’s fight against inflation. Bitcoin, as a worldwide reserve asset, might be a big winner in that scenario.”

Bitcoin is in oversold region and rebound from the $34,000 zone with currently trading around $35,700.