Despite the ongoing bear market, Bitcoin’s hashrate reached a new all-time high on October 8 2022.
On October 10, the mining difficulty of Bitcoin reached its own new all-time high.
Bitcoin's hashrate and mining difficulty have consistently risen since July 2021, surpassing their bull run market levels.
Hashrate and mining difficulty on the rise
On October 10, 2022, Bitcoin’s mining difficulty reached an all-time high of 35.61 trillion hashes. Meanwhile, Bitcoin’s hashrate went to an all-time high of 258.339 million terra hashes per second (TH/s) on October 8.
Bitcoin's mining difficulty defines how hard it is for a computer to mine a new block on Bitcoin’s blockchain.
The hashrate of a blockchain refers to the computing power used by miners to mine new blocks and process transactions on the network. A high hashrate is beneficial to the security of a proof-of-work blockchain such as Bitcoin.
Despite Bitcoin’s record-breaking proof-of-work numbers, Bitcoin’s price has fallen to its lowest point in the past year at $19,355.
Bitcoin started the year at $46,319 and rose briefly to just over $47,000 before falling slowly throughout the rest of the year to its current lows.
At the moment, Bitcoin's Fear and Greed Index is at ‘Extreme Fear'. Some speculators have already begun buying Bitcoin and other altcoins including Chainlink and XRP in preparation for the next bull run.
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