Bitcoin Network Difficulty Level Attains New ATH of 29.794T

The Bitcoin network has grown in difficulty yet again as it recorded a new All-Time High (ATH) of 29.794T.


The difficulty level is computed based on the overall computing power plugged into the network, and the new record is published every two weeks.

The mining difficulty is a measure of how hard it will take miners to validate a block, and the higher this figure, the harder it will take miners to solve the puzzle that generates Bitcoin. Overall, this mining difficulty is a positive indication of network health as more computing resources indicate a massive decentralization which shows how secure the protocol is.

The mining difficulty suffered a very massive plunge back in July last year when it bottomed out at 13.673T. The ban on Bitcoin mining stirred the plunge by the Chinese government as miners scampered to find refuge in other regions. Since the miners started coming back online after the routing experienced from Asia, the mining difficulty has been on a steady uptrend, as shown in the chart below;

Bitcoin total hash rate.png


Besides the mining difficulty, the network hashrate also attained an ATH of 258 EH/s. The on-chain fundamentals surrounding Bitcoin are very healthy, however, this has not translated into a burgeoning price for the premier digital currency. At the time the difficulty ATH was recorded over the weekend, Bitcoin’s price printed its 7-Day low at $37,585.79 as investors chose to dwell more on the FUD spread by billionaire investor and philanthropist Warren Buffett. They said all the BTC in the world is worth nothing.

Nonetheless, the growing network difficulty is also poised to make the entire protocol more secure as miners jostle to get a share of the last of the 2 million BTC yet to be mined. Eventually, the growing competition is billed to stir increasing difficulty and a corresponding embraced by investors who cherishes decentralization and security.

Image source: Shutterstock


Tagged : / /

Bitcoin Hashrate Approaches New ATH, What Does It Mean For The Price?

Data shows Bitcoin mining hashrate is now near its all-time high (ATH) set back in April. Here’s what it may mean for the price of the crypto.

Bitcoin Mining Hashrate Nears A New ATH

According to on-chain data, the BTC network hashrate seems to be approaching the ATH it set back in April of this year.

The “hashrate” is an indicator that shows the total amount of computing power connected to the Bitcoin blockchain network.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

On the BTC blockchain, miners compete with each other by solving complex algorithms so that they can handle transactions.

For this purpose, miners require a high amount of computing power. Thus, a high amount of hashrate means there is a lot of power present on the Bitcoin network, which can help the chain perform faster and more efficiently

Also, high values of the indicator may also imply that there are a lot of nodes (that is, miners) connected to the network. Therefore, such values can lead to better decentralization of the BTC network. This helps make the blockchain more secure against any possible attacks.

Get 110 USDT Futures Bonus for FREE!

On the other hand, if a crypto network has low hashrate, the chain may show poor performance, and it might also have worse security.

Related Reading | Why “Bitcoin Creator” Craig Wright Came Out Ahead Despite Having To Pay $100 Million

Now, here is a chart that shows the trend in the value of the Bitcoin hashrate over the past year:

Bitcoin Mining Hashrate

Looks like the value of this indicator has been trending up for a while now | Source:

As you can see in the above graph, the Bitcoin hashrate seems to be advancing towards its previous ATH that was achieved earlier in the year.

When the ATH was set in April, BTC’s price also peaked then. After China’s crackdowns on mining started, the hashrate began to go down, and had collapsed by June.

Since then, the value of the indicator has steadily worked its way back up, and if the trend continues, a new ATH could be there.

Related Reading | Bitcoin Miners Hold Off On Selling As Their Reserves Reach 2021 High 

Earlier some speculated that when the hashrate will make a new ATH, the price of Bitcoin will also follow lead. However, since the bloodbath of November, the coin’s price has rather dwindled down.

Nonetheless, an increasing hashrate has generally been bullish for Bitcoin, which may also be the case this time.

BTC Price

At the time of writing, Bitcoin’s price floats around $47.7k, down 0.5% in the last seven days. The below chart shows the trend in the price of BTC over the past five days.

Bitcoin Price Chart

BTC's price seems to have mostly consolidated in the last few days | Source: BTCUSD on TradingView
Featured image from, charts from,


Tagged : / / / / / / / /

Despite Red Bitcoin, On-Chain Signals Flip Green

Bitcoin on-chain signals have remained green despite the recent red week. Bitcoin’s price had taken a plunge towards $40K and had brought a lot of losses with it as billions of dollars in long positions were liquidated on December 4th in one of the sharpest declines of the year. Mostly this has brought down a number of metrics associated with the asset but on-chain signals remain resistant.

On-chain data all ranging from miner revenues, transaction fees, hashrate, and daily transaction volumes have all shown positive trends for bitcoin. None of this has been affected by the price decline.

Related Reading | Number Of Bitcoin Lightning Network Nodes Jumps 23% In Three Months

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Hashrate Continues Recovery Trend

Bitcoin hashrate had taken a big heat with the China crackdown on mining that took place earlier in the year. The region had gone from providing about 70% of the mining power to almost zero in a matter of weeks, leaving the hashrate to suffer greatly. This has since been rectified as bitcoin miners have found new locations to resume their mining activities.

Chart showing bitcoin hashrate increase

BTC hashrate recovers post-market crash | Source: Arcane Research

Since then, hashrate has been gradually picking back up and in the past week saw a significant increase. Bitcoin hashrate is up for the past seven days after the first difficulty reduction following ten difficulty adjustments. As the difficulty has dropped, so has the profitability of mining activities increased. Given this, more miners have gotten back in the game and set up their mining rigs once more, leading to a rise in hashrate.

Get 110 USDT Futures Bonus for FREE!

Arcane Research also reported that this increased hashrate has led to an increase in block production rate. As more miners come back on board, an average of 6.46 blocks have been created each hour in the past week. This represents a significant increase of 11% in the same time frame.

Bitcoin price chart from

BTC loses footing at $50,000 | Source: BTCUSD on

Bitcoin Transaction Fees Rise

Bitcoin transactions fees have remained low through the past weeks, but there was a recorded increase in fees in the past seven days. On average, bitcoin transaction fees grew by 33%. This growth however does not do much for miner revenue. Even though fees are up, they are still relatively meager and only bring in about 1.7% of the total miner revenues.

Related Reading | Majority Of Bitcoin Investors Got In This Year, Says Grayscale

Average transaction value also jumped in the past week. As investors rushed to sell their holdings during the crash, the average transaction volume climbed by 8.3%. This was mostly due to holders who hold larger volumes moving their BTC to exchanges to sell, not only increasing average transaction volume, but also transaction fees at the same time.

Bitcoin daily miner revenues in the first week of December was $52,271,223 compared to daily revenues of $49,975,895 from the previous week. Fees per day, as well as transactions per day, were up at $891,499 and 276,680 respectively.

Featured image from PSU Watch, charts from Arcane Research and


Tagged : / / / / / / / / /

Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey

The National Development and Reform Commission is asking the Chinese public for their opinion on the Bitcoin mining ban. Is China’s government playing 4D chess or are they confused and considering backtracking their decision? Can they unring this particular bell or is this a too little too late scenario? Do they really care about what the general public thinks or is this survey just for the optics?

As it usually happens with the Chinese government’s actions, they leave more questions than answers. Nevertheless, let’s unpack the information available and see what Twitter thinks about the situation.

First of all, the official announcement says:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“In accordance with the relevant work arrangements for the rectification of virtual currency “mining” activities, the National Development and Reform Commission and relevant departments have revised the “Industrial Structure Adjustment Guidance Catalog (2019 Edition)”, and now solicit opinions from the public.”

So, they’re considering “rectification of virtual currency “mining” activities,” by which they mean the Bitcoin mining ban. And by “the public,” they mean “Relevant units and people from all walks of life can provide feedback.

BTCUSD price chart for 10/25/2021 - TradingView

BTCUSD price chart for 10/25/2021 - TradingView

BTC price chart for 10/25/2021 on FTX | Source: BTC/USD on

Is China Actually Considering Lifting The Bitcoin Mining Ban?

Opinions differ. However, according to Three Arrows Capital’s Su Zhu, that’s exactly what’s happening.

Get 110 USDT Futures Bonus for FREE!

People in the replies are not convinced. They theorize that the Chinese government is just trying to create a database of people in favor of Bitcoin mining, or that they are just thinking about lifting the Bitcoin mining ban so they can ban it again on the next cycle. Others doubt the miners will return or that new mining operations will pop up. A few, though, think that the Chinese government realized they made a trillion-dollar mistake.

Chinese journalist Colin Wu, however, sees the news from another angle. “It is not un-banning. On the contrary, its content is to write crypto mining into an industry that must be eliminated.”

And he links to a .pdf that says the same thing as the original document, but in a different tone altogether:

“In the “Industrial Structure Adjustment Guidance Catalogue (2019 Edition)”, the elimination category “I. Item 7 is added to “Outdated production technology and equipment” and “(18) Others”, and the content is “virtual quasi-currency’mining’ activity.”

The phrases “Outdated production technology” and “Virtual quasi-currency’mining‘” hit different and tell another story about the Bitcoin mining ban. Wu finishes by saying that “in terms of the current Chinese government’s strong opposition to Bitcoin mining, these comments are likely to be meaningless.

Conclusions And Speculation

Tick-tock next block. China’s Bitcoin mining ban was a blip on the radar. The network kept running as usual and, a few months later, Bitcoin’s hashrate recovered. We at NewsBTC have been trying to figure out the logic behind the Chinese government’s moves regarding Bitcoin. Unsuccessfully. We looked into the new “China Model” and the small hydropower stations question, wondered about the waning of their hashrate dominance, and looked closely into the now-defunct industry.

Even though it seems like a logical theory, we don’t know if the Chinese government is just clearing out the competition for their future CBDC. We are not sure if this whole operation is part of a bigger one that is trying to control all of the Chinese billionaires. Or if they’re just asserting their dominance and showing everyone who’s the boss. We just know that the Bitcoin mining ban might be the biggest mistake of the century. And we’re not even talking about the trillions in fiat currency that the country is losing. 

The Chinese are banning themselves from participation in the winning open network, from interaction with the biggest idea of the century, from owning a piece of the pristine asset that will change the world for the best.

Did they realize all of this and are gearing up for a change of mind?

Featured Image by Andreas Breitling from Pixabay - Charts by TradingView


Tagged : / / / / / / / / / / / / / / /

Bitcoin Mining In The U.S.: 4 States Attract The Most Miners

Dataset from Foundry shows that four states in the U.S. have the highest Bitcoin hash rate distribution. The dataset shows that many Bitcoin miners are headed to New York, Kentucky, Georgia, and Texas.

Foundry U.S. is the largest mining pool in North America and the fifth-largest globally. The hash rate is a measure of collective mining power. A mining pool enables miners to combine their hashing power with other miners all over the world.

Bitcoin Mining In The U.S.

According to the data, within the U.S., New York accounts for 19.9% of bitcoin’s hash rate, 18.7% in Kentucky, 17.3% is in Georgia, and 14% in Texas.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitcoin hash rates U.S.

Bitcoin hash rates U.S.

Source: Foundry U.S.

At the Texas Blockchain Summit in Austin on October 8, 2021, Nic Carter, co-founder of Castle Island Ventures, presented Foundry’s data. “This is the first time we’ve actually had state-level insight on where miners are unless you wanted to go cobble through all the public filings and try to figure it out that way,”

He added that “This is a much more efficient way of figuring out where mining occurs in America.”

Get 110 USDT Futures Bonus for FREE!

However, Carter pointed out that the Foundry dataset does not consider all the U.S. mining hash rates as not all U.S.-based mining farms use its services. One of the largest publicly traded mining companies in America,

Riot Blockchain, with a huge presence in Texas, does not use Foundry. Therefore, the dataset does not account for its hash rate. Texas’ mining presence is understated and could possibly be higher than the 14% quoted.

BTCUSD chart on

BTCUSD chart on

BTC trading at over $55K | Source: BTCUSD on

Many of the states with the highest Bitcoin hash rates also have high proportions of renewable energy. This fact may have started changing the narrative that bitcoin is bad for the environment.

Related Reading | $425bn Wiped Off Crypto Market As Musk Says Bitcoin Is Bad For The Environment

According to CNBC, a lot of the miners are moving to these states because they have cheap and renewable sources of power. Data from the U.S. Energy Information Administration (EIA) shows that a third of New York’s in-state generation comes from renewables sources. Kentucky, which has the second-highest hash rate, is also known for its hydroelectric and wind power. The state’s government recently passed a law that grants certain tax exemptions to crypto mining operations.

Carter also said that the migration of miners to the U.S. is positive because it means much lower carbon intensity.

Texas Leads Bitcoin Mining

Although Texas ranks fourth according to the data, experts believe it is the top mining destination in the U.S. The state houses mining giants like Riot Blockchain, and the Chinese mining service platform Bitdeer.

A report from earlier this year shows that large orders for mining ASICs are also being delivered to Texas.

Related Reading | Bitcoin Mining Moves to Texas, Bitmain Announces Partner for Massive New Facility

Crypto-friendly lawmakers, a deregulated power grid with real-time spot pricing, and access to significant renewable energy, as well as stranded or flared natural gas, are what make Texas attractive to miners, according to CNBC.

Featured image by Finance Magnates, Chart from


Tagged : / / / / / / / / / / / / / / / / /

Since China’s Mining Ban, Bitcoin Hashrate Has Recovered by 68% And Counting

Bitcoin is a perpetual motion machine. The Bitcoin hashrate is slowly climbing to pre-China-ban levels, and the service continued uninterrupted without a hiccup. Such is the power of well-placed incentives. Pantera Capital’s CEO Dan Morehead adds one more factor to the equation. “The bitcoin network has recovered 68% of the drop in hashrate that our difficulty model attributed to China’s ban—likely in places with cleaner energy.”

In the company’s newsletter, Pantera fleshes out the argument:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“Although difficult to know with certainty, it seems very likely that much of the reboot in mining power is occurring in places with cleaner energy than those utilized by Chinese miners. 

The transition to renewables is well underway.”

Regarding The Bitcoin Hashrate, Are ESG Concerns Even Important?

Here at NewsBTC we’ve determined that China’s Bitcoin mining tended to go to provinces with abundant green energy. Bitcoin incentivizes that. The Bitcoin hashrate tends to go where the energy is cheap. We’ve also determined that the environment doesn’t seem to be the reason for China’s Bitcoin mining ban.

The fact that the electricity for crypto mining in Sichuan came from clean hydropower meant that many thought the province would be a safe haven for Bitcoin miners. As pressure on local governments to cut carbon emissions mounts, projects were successfully shuttered in some other provincial-level regions — such as Xinjiang and Inner Mongolia — where the mining was chiefly fueled by coal.” 

The only thing we can know for sure about the Chinese government’s plan is this: the environment is not on their radar. They’re closing these mining operations for other reasons altogether. 

It’s also important to remember that China’s Bitcoin hashrate dominance was already on decline before the mining ban. 

“According to Arcane Research, CBECI numbers say that:

China’s share of total Bitcoin mining power has declined from 75.5% in September 2019 to 46% in April 2021 — before the restrictions on Chinese miners were even imposed. That figure is much lower than the older estimate of 65%.

That’s a sharp decline. Why did China’s miners lose so much ground before the ban?”

None of this invalidates Pantera Capital’s original thesis, though. “The transition to renewables is well underway,” that certainly seems to be the case. And the Bitcoin hashrate keeps climbing. 

Get 110 USDT Futures Bonus for FREE!

BTCUSD price chart for 09/09/2021 - TradingView

BTCUSD price chart for 09/09/2021 - TradingView

BTC price chart for 09/09/2021 on Timex | Source: BTC/USD on

Do Bitcoin Halvins Imply Cuts In Energy Consumption?

Another interesting idea present in the mentioned newsletter is this one:

“Bitcoin has a built-in mechanism to reduce energy consumption over time.  The number of bitcoin issued in the every-ten-minutes block reward is cut in half every four years.  Ceteris paribus, the amount of electricity Bitcoin consumes will be cut by 50% every four years.  For comparison, the Paris Accord only requires 7% cuts every four years.”

Of course, when related to fiat currencies, Bitcoin’s price fluctuates. So, the value of every Bitcoin stays the same, but the price might – and usually does – increase more than twofold. Even though the miner’s rewards are cut in half, their earnings might increase. That extra money could bring even more competition and a Bitcoin hashrate increase with it. 

Taking that into account, Pantera poses:

“Perhaps a more realistic scenario is if the price of bitcoin were to double every four years in parallel with the halvings – putting bitcoin at $320,000 /BTC in 2032 – electricity consumption would be no greater than it is today.”

Bitcoin Electricity Consumption, Bitcoin Hashrate

Enough About The Bitcoin Hashrate, What About The Price?

Another point that the newsletter makes is this one.“This is China’s third ban of Bitcoin.  The reverse hex is still working – the price is up 57%.”

China Bans record.

China Bans record.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Is this a bullish signal? Bitcoin’s price has “only” increased by 57% since the Chinese mining ban sent the Bitcoin hashrate in death spiral for a few seconds. Bitcoin paid the price and resisted sabotage like a hero. We’re not sure if a “reverse hex” could be considered reliable information, but… maybe this IS a bullish signal?

Featured Image by Diana Polekhina on Unsplash - Charts by TradingView and Pantera Capital


Tagged : / / / / / / / / / / / / / /

What Does Hashrate Mean?

“Hashrate” refers to the total combined computational power that is being used to mine and process transactions on a Proof-of-Work blockchain, such as Bitcoin and Ethereum (prior to the 2.0 upgrade). A “hash” is a fixed-length alphanumeric code that is used to represent words, messages and data of any length. Crypto projects use a variety of different hashing algorithms to create different types of hash code – think of them like random word generators where each algorithm is a different system for generating random words. For instance, the hash for “coindesk” using the hashing algorithm that Bitcoin uses, SHA256, = f2429204b339475a3d94dd5450f5ebb3c80130a85fbb91d62768741a3b34a6b6

Before new transactional data can be added to the next block in the chain, miners must compete using their machines to solve a difficult mathematical problem. More specifically, miners are trying to produce a hash that is lower than or equal to the numeric value of the ‘target’ hash by changing a single value called a ‘nonce’. Each time the nonce is changed, an entirely new hash is created. This is effectively like a lottery ticket system, where each new hash is a unique ticket with its own set of numbers. For example, if we take “coindesk” and change the first letter to make “foindesk,” we get this hash = 5a12a9af1b5794bf6855c15944339d41ff713665e415b5434b8c9f081c61b66a Since each hash created is completely random, it can take millions of guesses – or hashes – before the target is met and a miner wins the right to fill the next block. Each time that happens, a block reward of newly minted coins is given to the successful miner along with any fee payments attached to the transactions they store in the new block. 

The block reward, which is a predetermined amount of free coins given to a miner each time a new block is mined, undergoes a programmed halving in order to incrementally reduce the total supply over the course of a coin’s mining lifespan. For Bitcoin, block rewards are cut in half every 210,000 blocks, or approximately 4 years. As of 2021, miners receive 6.25 bitcoins each time they mine a new block. The next halving is expected to occur in 2024 and will see bitcoin block rewards drop to 3.125 bitcoins per block. Dash is another mineable cryptocurrency that reduces its block rewards by 7.14% every 210,240 blocks, while Litecoin halves its rewards every 840,000 blocks.

Application-specific integrated circuit (ASIC) mining hardware now dominates the crypto mining space and is solely designed to perform hashing functions. Some modern-day ASIC rigs are capable of achieving 110 tera hashes per second (TH/S), which equates to 110 trillion attempts at solving the hashing problem per second.

Miners are motivated to do all this in search of monetary rewards. In the process, though, they play a key role in securing cryptocurrencies, most famously Bitcoin, by making it more difficult (namely very expensive) for attackers to gain a 51% majority control over the blockchain network. 

Hashrate FAQs

What is Bitcoin’s current hash rate?

171 million EH/s, which stands for exa hashes per second, at the time this article was published. 1 exa hash = 1 quintillion hashes.

That means that miners are computing 171 quintillion hashes every second. Find the most current estimate at

Why is hashrate important?

Higher hashrate means more resources are being devoted to process transactions on the blockchain. This makes a network more resilient to attacks because a malicious agent would need to spend vast sums of money to outcompete other mining facilities in order to gain a 51% majority control and stop other people’s transactions, or double-spend their own coins. 

It follows, then, that the higher the hashrate, the harder it is for a bad actor to source the necessary hashing power and, as such, the harder the network is to attack. 

What is mining difficulty?

Mining “difficulty” is how difficult it is for miners to produce a hash that’s below the target hash.

In Bitcoin, the difficulty automatically adjusts every 2,016 blocks. Blocks are targeted to be found by miners every 10 minutes. So if miners are finding bitcoins more often than every 10 minutes on average, the difficulty moves upward. If miners are finding bitcoins less often than every 10 minutes on average, the difficulty moves down.  With Ethereum, mining complexity uses a similar system to Bitcoin with the added addition of a “difficulty bomb” that was introduced back in 2015 and went live during the Homestead update in early 2016. This increases the time it takes to mine each new block with the aim of phasing out ether mining to make way for the new Proof-of-Stake (POS) mechanism in the 2.0 upgrade.

Difficulty is a key piece of calculating a hashrate. The more difficult it is to mine, the more hashes will need to be generated to find the block rewards, pushing the total hashrate higher. 

How is hashrate calculated?

There’s no way to know for sure the exact hashrate of a mineable cryptocurrency, though it can be estimated. Hashrate is traditionally estimated based on public data about the underlying cryptocurrency, including the difficulty metric described above.

Though this traditional estimation method is in the right ballpark, this methodology has long been criticized as not precisely accurate. The Kraken crypto exchange proposed another way of estimating the hash rate, using statistics to show with 95% confidence that the hashrate lies in some range. 

Why has Bitcoin’s hashrate gone up?

Graph of bitcoin’s entire hashrate history


More and more miners have entered the fray in Bitcoin’s short history, pushing the hashrate up. 

The most likely reason for new miners joining the highly competitive space is because of bitcoin’s high price potential. An increase in demand for bitcoin (which is a scarce asset) recently pushed the price above $40,000 per coin (it is lower now, at press time), which in turn has attracted more operators who are seeking to get in on these significant returns.

Any rise in miners pushes Bitcoin’s difficulty up, which then drives the hashrate up.


Tagged : / / / / / / / / / /
Bitcoin (BTC) $ 26,567.12 0.18%
Ethereum (ETH) $ 1,592.35 0.29%
Litecoin (LTC) $ 64.84 0.07%
Bitcoin Cash (BCH) $ 207.94 0.33%