Bitcoin Network Record Difficulty

The historical mining of Bitcoin, the Bitcoin number 19 million, was accompanied by the difficulty level of the ATH network. For the first time in history it reached 28,587 billion.

Along with the difficulty, the hashrate of the network also grows, which is currently 197.38 EH/s.

What does the increase in hash rate mean?

A higher hash rate value translates to greater security of the entire network. It’s also worth noting that the current value is nearly 4% higher than the January 21 record.

19 million Bitcoin with the highest difficulty on the network

After miners managed to mine 19 million Bitcoin despite the network’s record difficulty, only 2 million BTC remained to be mined. With the total supply set at 21 million, approximately 9.5% of all Bitcoins were left to be mined. However, the increase in difficulties translates into a decrease in the profitability of the extraction.

There is less and less BTC waiting to be mined, but the number of losses is increasing

Nor can we forget the huge amounts of BTC that have been irretrievably lost since the inception of the network. However, it is difficult to say exactly how many Bitcoins have been lost. Some include those that haven’t been touched for a long time, which can sometimes be misleading.

The most common number proposed by Kim Grauer of Chainalysis is 3.7 million BTC, but this data is no longer valid. However, no matter how many Bitcoins are irretrievably lost, the creator of Bitcoin must consider them assumed.

Satoshi Nakamoto described it as a «donation» to all users. In his opinion, he lost BTC

«Make other people’s coins worth a little more.»

However, there are many voices stating that the risk of losing cryptocurrencies can be a problem on the road to adoption.

What is not in doubt is that cryptocurrencies seem to be part of the economic future of the world. There are still many obstacles and situations that will define the future of Bitcoin. Despite the fact that financial institutions do not look favorably on crypto assets, they are beginning to take them into account because more and more people invest and trust them.

What do you think about the next record in the level of difficulty of Bitcoin, which was accompanied by an increase in the hash rate?

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