In line with recent data by ‘blockchain.com‘, Bitcoin [BTC] ‘mining‘ difficulty levels has reached touched an incomparable all time high, revealing the increasing competition for block rewards between miners.
Difficulty level, that adjusts to the network hash rate after every 2016 blocks, has hit 7.86 trillion, which is a new record, surpassing the earlier peak observed in Oct. last year.
Hash rate itself, that set new ‘records‘ on a nearly routine throughout recent weeks, has meantime returned down slightly to linger around 56 quintillion hashes per second.
However in other words, the competition among different miners for new blocks along with the overall bitcoin network security has never been higher from now.
As reported earlier, it’s network metrics like these which instill confidence in analysts and markets alike. The 2019 bitcoin bullish run followed a come back to form for network stability after a period of regression within the last quarter of last year.
At its lowest, hash rate circled simply 32 quintillion hashes, having returned down from an August all time high of around 61 quintillion.
Moreover, the future bitcoin block reward halving, scheduled for the month of May 2020, might well impact on miner sentiment and thereby shift the prices consequently.
According to a recent research report published by crypto hedge fund Pantera Capital earlier this year ‘revealed‘ that the reach-back effect of the event might be accountable for pushing up the price of Bitcoin [BTC] a year in advance.
“Inflection points occurred 376 and 320 days before the 2012 and 2016 ‘halvings’, severally. Taking their average of 348 days might indicate a bottom on 10th June, 2019,” the analysis forecasted.