Despite the Crash: Bitcoin Fundamentals Remain Stronger Than Ever

Although the price of bitcoin has crashed in the previous 24 hours with double-digit percetages, the network’s basics stay strong. Recent information indicated that BTC’s mining difficulty and the hash rate had reached new all-time highs.

BTC Mining Difficulty And Hash Rate ATHs

The mining problem on the BTC network goes through an automated adjustment every 2,016 blocks (or approximately 2 weeks). Depending upon the variety of active miners putting their computational power to work on the blockchain, the modification could make it either easier or harder for them to finish the work and get rewarded.

It’s a function that allows the system to self-sustain in relation to external events affecting its efficiency.

After the most recent such change that occurred over the weekend, the mining trouble increased to a record high of over 20.6 trillion. This is the first time in over twelve years of BTC history that the metric has actually expanded above 20 trillion.

This represents a significant rise in the mining difficulty of over 20% given that November 3rd, when it dropped to 16.8 trillion after reports emerged that miners have actually moved out of China’s Sichuan province.