Crypto NewsBitcoinAs 2023 Comes to an End, Bitcoin Sets a New Record!

As 2023 Comes to an End, Bitcoin Sets a New Record!

Bitcoin network hash rate broke new record.

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As the end of the year approaches in Bitcoin, the hash rate of the BTC network broke a record.

BTC. According to the data announced by Com, while Bitcoin mining difficulty reached 72 trillion hashes, it was seen that Bitcoin's hash rate also increased. According to data, Bitcoin's hash rate has reached an all-time high of 544 exahashes per second (EH/s).

Bitcoin hash rate has more than doubled this year, rising 130% since January.

Bitcoin price has also increased in parallel with the hash rate, seeing an increase of over 150% since the beginning of this year. At this point, BTC price increased from approximately $16,500 to $42,300.

While high hashrate is positive for price patterns and overall network security, it creates challenges for individual miners. At this point, although the hash rate has risen to an all-time high, miners' profitability is decreasing.

What is Bitcoin Mining Difficulty?

Bitcoin difficulty is an automatically adjusted feature that determines how difficult it is to mine a Bitcoin block.

The Bitcoin network's mining difficulty changes every 2,016 blocks and is automatically updated. The reason for this is to keep the average block production time at 10 minutes.

There is no close correlation between BTC price and Bitcoin mining difficulty and hash rate. The increase in difficulty in the Bitcoin network makes the network more secure and increases competition among miners.

The difficulty of mining Bitcoin usually increases when more miners come online, which increases competition. Miners are rewarded with Bitcoin for verifying transactions on the network. Their profitability largely depends on Bitcoin spot price and mining difficulty.

*This is not investment advice.

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