New Record Set in Bitcoin, Zhao and Markus Commented
According to the latest data, Bitcoin (BTC) mining hashrate has risen to an all-time high.
Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange, did not remain silent about the development and said in his statement that he was “wonder what will follow.“
Billy Markus, the founder of Dogecoin (DOGE), argued in his statement that this data has no meaning and is relative.
Hash rate is a measure of the computational power for BTC mining. As a proof-of-work platform, the Bitcoin network is connected to a community of node operators that use Application Specific Integrated Circuit (ASIC) hardware for block validation and security.
ASICs are nodes specifically designed to mine cryptocurrencies on proof-of-work networks using the SHA-256 consensus algorithm, among others. ASICs capable of mining BTC can also be used to mine BTC forks, adhering to a proof-of-work system, including Bitcoin Cash. The miner who approves a block is rewarded with BTC. However, Bitcoin mining hash rates and BTC mining difficulty data are directly proportional.
In response to the increased hashrate approaching all-time highs, the network automatically increased the mining difficulty to 10.26% in double digits on January 16. The same data was adjusted upwards by 13.55% on October 10, 2022. Binance, which also operates a mining pool, observed that if BTC prices rise above $23,000, miners using efficient mining machines will still profit, despite upside difficulty adjustment.
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