Bitcoin difficulty reaches an all-time high

The Bitcoin network has reached yet another all-time high in mining difficulty as competition amongst miners heats up. The Bitcoin network has reached yet another all-time high in mining difficulty after a steady ascent from the lows of last July.

On February 18, the on-chain analysis tool CoinWarz reported that mining difficulty had reached a new high of 27.97 trillion hashes (T). Bitcoin (BTC) has reached a new all-time high in terms of difficulty for the second time in three weeks. When hash rates were 190.71 EH/s on January 23, the problem got 26.7 T. AntPool, and F2Pool have contributed the highest hash power among the recognized worldwide mining pools. According to data from Blockchain.com, Antpool has mined 96 blocks in the last four days, while F2Pool has mined 93.

Since hitting deep troughs last July, both hash rate and mining difficulty have increased, regardless of the measuring techniques utilized. The hash rate had dropped to around 69 (EH/s at the time, and the mining difficulty had dropped to 13.6 trillion hashes (T). However, a higher hash rate indicates the network is more secure. The more hash power the network employs, the more evenly spread the work for each on-chain transaction becomes. This struggle between miners to secure the network while still making enough money expect to continue as they assess the viability of their current operations.

Market moves

As Russia appeared to be on its approach to invading neighboring Ukraine once more, investors took a defensive stance. According to various sources, a mortar bombardment in the Donbas region of Ukraine damaged multiple buildings as U.S. Secretary of State Antony Blinken requested a meeting with his Russian counterpart.

The demand for high-risk assets, such as cryptocurrency has decreased. Bitcoin, the most valuable cryptocurrency by market value, was trading at around $40,600. Ether, the second-largest cryptocurrency by market capitalization, was also down. The top 20 altcoins by market cap on CoinDesk were all in the red.

Reports of gunfire along the border, as well as suspicions that Moscow is planning a false flag operation to blame Ukrainian forces for beginning the conflict, have heightened tensions and prompted more investors to seek out less risky investments.

Investors returned to gold, which gained above $1,900 at one point Tuesday, and other lower-risk assets after separate news on January’s Producer Price Index (PPI), which rose to 9.8%, and the U.S. central bank’s continued inflationary concerns mentioned at its most recent meeting. Gold, which views as a haven in times of crisis, has increased 1.37 percent to $1,896 per ounce, an 8-month high.

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