Bitcoin (BTC) Network Stronger Than Ever: Will It Be Seen Above $ 42,000? - News-Credit-Mortgage-Coin


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Sunday, February 7, 2021

Bitcoin (BTC) Network Stronger Than Ever: Will It Be Seen Above $ 42,000?

Bitcoin hashrate and network difficulty broke the all-time record.

Bitcoin (BTC) managed to see over $ 40,900 again the other day. BTC, which consolidated in the $ 30,000 band for a while, actually gave important signals despite this stagnation. The Bitcoin network is stronger than ever, according to the latest data, and the price may start to follow.

Bitcoin (BTC) Network Stronge
Bitcoin (BTC) Network Stronge

Bitcoin Hashrate Breaks Record

According to the data provided by CoinMetrics, the 7-day average of the Bitcoin hashrate reached 156.51 EH / s. The hashrate, which broke the all-time record, shows an incredible increase in the number of miners.

The good trajectory in the BTC network is not the only result of the hashrate record. On February 6, the Bitcoin network difficulty increased by 2.93% to 21.43 trillion. With another all-time record breaking, BTC's mining infrastructure turned out to be stronger than ever.

Bitcoin's network difficulty is automatically regulated every two weeks, and it is ensured that the block generation time does not go beyond the 10-minute period. Bitcoin's network difficulty is expected to increase by about 2.88% two weeks later as a result of increasing miners.

Miners' Interest in BTC Breaks Record

The increase in Bitcoin miners, on the other hand, allows their earnings to multiply, no matter how high the network difficulty increases. Bitcoin miners earned $ 45.67 million in revenue on Feb. 5, breaking the daily record. All this shows that miners and investors trust the network. Increasing the number of miners and breaking hashrate records point out that the network is more secure than ever.

Although the BTC / USD trading pair is traded at $ 38,100 as of press hour, all these developments show that the price will not remain below $ 40,000 for a long time.

* It is not investment advice.

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