What is the price of Bitcoin today? The Bitcoin (BTC) network has recorded a new all-time high mining difficulty of 26.643 trillion, with an average hash rate of 190.71 exahashes per second (EH/s).
It also shows strong community support despite the ongoing bear market. It is known, the difficulty of this Bitcoin network is determined by the overall computing power, which is related to the difficulty in confirming transactions and mining BTC. According to evidence from blockchain.com data, network difficulties decreased between May and July 2021 due to various reasons, including a total ban on crypto mining from China.
However, when the reassigned miners resumed operations from other countries, network difficulties experienced a drastic recovery since August 2021. That saw the BTC network hit an all-time high of 26.643 trillion last Saturday. Data from BTC.com predicts that the network will continue to grow stronger by hitting another record high in the next 12 days—with a network difficulty of 26.70 trillion.
Meanwhile, in the past four days, F2Pool has become the highest contributor to the hash rate by mining 88 BTC blocks, followed by Poolin at 76 blocks. As of yesterday, the average fee per transaction was around US$1.58, a value that has historically peaked at US$62.78 in April 2021.However, despite federal pressure for tighter monetary policy around cryptocurrencies, Bloomberg commodity strategist Mike McGlone points out that BTC has a fighting chance to be at the top as investors recognize its value as a digital reserve asset.
As quoted from a Cointelegraph report, McGlone also believes that Bitcoin is in a unique position to outperform in an environment where reduced stimulus is generally considered a negative for risk assets. He also stated, “Cryptos is at the top among risky and speculative ones. If risk assets decline, it helps fight Fed inflation. Being a global reserve asset, Bitcoin might be the main beneficiary in that scenario.”
Mining Bitcoin—Today’s Bitcoin Price
As is well known, Bitcoin itself is a crypto currency that has gained wide popularity due to its wild price changes and is created through a process known as “mining” or mining. Bitcoin mining is a way for new Bitcoins to be introduced into circulation. Basically, bitcoin mining is the process of creating new bitcoins by solving a very complex mathematical problem, which verifies transactions in the currency.
When bitcoins are successfully mined, miners will receive a predetermined amount of bitcoins. As the prices of cryptocurrencies and bitcoin, in particular, have skyrocketed in recent years, it’s understandable that interest in mining is growing. However, for most people, the prospect of mining Bitcoin is not good due to its complex nature and high costs.
Apart from that, sometimes there are still people who think that mining and trading are the same. In fact, mining itself means mining, which is one of the processes to get Bitcoin and or other crypto assets, which is usually carried out by thousands of computers around the world connected to the internet and not by individuals or companies.
For example, the recording of Bitcoin crypto assets is carried out on the blockchain. The mining process will receive value from the compensation of this crypto asset for the mining carried out. In general, the form of compensation is in the form of mined crypto assets.
On the other hand, trading itself means “trading”. As the name implies, trading is the activity of buying or selling crypto assets—where one can profit from the difference between the buy and sell prices. For example, a person buys a crypto asset at a low price. Then, when the price goes up, he can sell it. The difference from that price will be the profit.
Trading itself can be done in crypto asset marketplaces, for example INDODAX, which allows anyone to make transactions for buying and selling crypto assets.