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The Bitcoin network recently experienced a difficulty adjustment, resulting in a further increase in mining difficulty. This marks the sixth consecutive rise in BTC mining difficulty, reaching a record high. The continuous increase in mining difficulty could potentially impact the price of Bitcoin.The latest adjustment occurred at block 818,496, with the current Bitcoin mining difficulty standing at an all-time high of 67.96T. In the last 24 hours alone, the network saw a mining difficulty increase of 3.40%. This upward trend in Bitcoin mining difficulty has been observed over the past 90 days.Over the last 90 days, the network has seen an overall increase of 22.18% in mining difficulty. In the last 30 days, there has been an 11.35% increase, and a 5.07% increase in the last 7 days. Bitcoin difficulty measures the computational power required to mine the next Bitcoin block. These adjustments are made to maintain a consistent block generation time of 10 minutes.The increase in mining difficulty occurs as more hashing power is added to the network, ensuring consistent block times. However, this also means that miners earn fewer rewards due to the increase in total network hashrate. This adjustment helps the network function optimally and prevents inflation in terms of miners’ rewards.Interestingly, there appears to be a correlation between Bitcoin’s price and its difficulty. Bitcoin’s price has been rising alongside the increase in network difficulty. It is projected that if the network difficulty were to rise to 72T, Bitcoin’s price could reach $40,000. This correlation may be attributed to the increased activity and liquidity flowing into the Bitcoin ecosystem, as well as the exponential growth in the network’s hashrate.Furthermore, daily transaction fees on the Bitcoin network have recently surged, surpassing fees on the Ethereum network at times. This suggests the possibility of another rally for the leading cryptocurrency. However, considering the correlation between Bitcoin’s price and the network’s difficulty, reaching $40,000 may not happen in the near future. The next adjustment, estimated to take place on December 10, is expected to result in a decrease in Bitcoin mining difficulty.As of now, BTC is trading at around $37,300, experiencing a slight decrease of over 1% in the last 24 hours.