The bitcoin (BTC) has recorded a new all-time high mining difficulty of 26.643 billion with an average hash rate of 190.71 exhash per second (EH/s), indicating strong community support despite a bear market in progress.
The difficulty of the Bitcoin network is determined by the overall computational power, which correlates with the difficulty of confirming transactions and mining BTC. What evidenced According to data from blockchain.com, the difficulty of the network saw a drop between May and July 2021 due to various reasons, including a General ban on crypto mining from China.
However, as displaced miners resumed operations from other countries, the network difficulty saw a drastic recovery from August 2021. As a result, on Saturday, the BTC network recorded an all-time high of 26.643 billion.
BTC.com data Dear that the network will continue to strengthen by reaching another all-time high in the next 12 days, with a network difficulty of 26.70 billion.
Over the past four days, F2Pool has been the largest hash rate contributor by mining 88 BTC blocks, followed by Poolin with 76 blocks. As of yesterday, the average transaction fee is approximately $1.58, a value that historically peaked at $62.78 in April 2021.
Related: Bitcoin Could Outperform Stocks in 2022 Amid Fed Tightening: Bloomberg Analyst
Despite federal pressure for tighter monetary policies around cryptocurrencies, Bloomberg commodity strategist Mike McGlone suggests BTC has a chance to emerge victorious as investors recognize its value as a digital reserve asset. .
As Cointelegraph reported, McGlone believes that Bitcoin is in a unique position to outperform in an environment where tapering stimulus is typically seen as a negative for risk assets:
โCryptocurrencies are the best among the risky and speculative. If risky assets fall, it helps the Fed fight inflation. By becoming a global reserve asset, Bitcoin may be a prime beneficiary in that scenario."
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