Bitcoin’s price hit a Year-to-Date [YTD] all-time high on May 30, when it momentarily breached $9000, however, the surge wasn’t sustainable as it fell down to $8,600. This roller coaster ride caused millions of liquidations for both longs and shorts.
The mining difficulty, however, also reached an all-time high as of May 31, 2019. The new mining difficulty reached 7.46 T, which is a new high for the Bitcoin network, as compared to the old high at 7.45 T.
The difficulty of Bitcoin increased by a massive 11.26% with block 578,592, which is staggering compared to the increase in previous blocks.
The increase in the difficulty directly relates to the increase in mining, which means the number of miners in the Bitcoin ecosystem is increasing. Moreover, the difficulty of the network increases every 2016 blocks.
The hash rate of Bitcoin has also been on a steady rise since December 2018, when the hash rate reached a very low level due to the dip in Bitcoin’s price. However, at press time, the hash rate for Bitcoin reached ~58 TH/s, 2 TH/s away from reaching an all-time high.
The combined increase in the hash rate and miners is a reason for the increase in the difficulty of Bitcoin. The mempool size for Bitcoin has decreased considerably over the years and in particular, has a sharp decline as of today.
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