Bitcoin Mining Difficulty Eyes New ATH as Block Production Ramps Up

Bitcoin Mining Difficulty Eyes New ATH As Block Production Ramps Up

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Bitcoin mining difficulty has been on the rise as the network has gained more popularity.

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This is a far cry from what was expected after China, which was known as the mining capital of the world at that point, had laid a blanket ban on crypto mining

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Block production rates have risen higher than anticipated to beat the previous target of 6 blocks mined per hour.

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This number now stands at 6.2 blocks mined in an hour.

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It continues to follow the growing trend that began in August of 2021 after the China ban had gone into effect.

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It would beat all expectations given that the China ban had seen the bitcoin hash rate crash 50% last year.

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The mining difficulty has not been the only thing affected by the increased block production rate

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It grew by a total of 11% touching $6.4 billion in transaction volume per day.

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Daily transaction fees grew 20% and are now sitting at $460,000 per day.

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