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Bitcoin Mining Difficulty Reaches Record High as Hashrate Surges

Bitcoin mining difficulty reached an unprecedented high on March 14, hitting a new historical peak of 83.99 T.

According to BTC.com, the difficulty rate surged by 5.79% since the last adjustment, signaling an increase in the total computational power dedicated to Bitcoin mining. Concurrently, the current mining hashrate of the leading cryptocurrency also reached its pinnacle, registering at 616.74 EH/s, indicating a rise in mining participants.

The next adjustment is scheduled for March 27, with BTC.com forecasting a minor 0.07% increase. In contrast, on March 1, Bitcoin mining difficulty experienced a 2.9% decrease. This metric is crucial as it dictates the total power required for mining cryptocurrency, with higher difficulty levels bringing the halving date of Bitcoin closer.

Bitcoin’s mining difficulty has been on an upward trajectory since September 2023, coinciding with the cryptocurrency’s price surpassing $30,000. Since then, Bitcoin’s price has consistently remained above this threshold.

On March 14, Bitcoin set a new all-time high (ATH) at $73,737, marking a nearly 46% increase in value over the past month, according to CoinGecko.

As of the latest data, Bitcoin is trading at $71,885, experiencing a 1.4% decrease in price over the past 24 hours, with daily trading volume dropping by 27% to $44 billion. Bitcoin’s market capitalization currently exceeds $1.4 trillion.

Additionally, open interest (OI) in Bitcoin futures trading on exchanges soared to a new ATH of $33.9 billion on March 13, indicating heightened market activity and trader sentiment towards these assets.

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