Argo Blockchain Increases Daily Bitcoin Production Despite Network Difficulty Spike

Argo Blockchain increased its daily Bitcoin production to 5.7 BTC per day in February, up from 5.4 BTC per day in January, despite a 10% increase in network difficulty. (Read More)

View Details

Bitcoin network difficulty recovers, transaction fees drop below $1

After the recent upgrades on Bitcoin Network, Bitcoin’s mining difficulty has recovered and the Bitcoin transaction fees have dropped below $1 for the first time in the last two years.

Besides the lower mining difficulty, the other factors that can be attributed to the drop in the transaction fees include recent Bitcoin upgrades and the falling market prices that have seen Bitcoin BTC/USD prices stay below $24,000 for the better part of 2022.

The drop in Bitcoin’s transaction fees strengthens Bitcoin’s use case as a viable mainstream financial system especially since high transaction fees discourage users since they eat into users’ funds while transacting. The impact is most felt by users making low-value transactions.

In a nutshell, the transaction fees determine the minimum amount of coins that one can transfer over a specific blockchain network.

As of today, the average Bitcoin transaction fees was about $0.825.

The recent Lightning Network and Taproot upgrades on Bitcoin Network have played a great role in contributing to eh drop in the transaction fees since they are both aimed at fostering cheaper and faster transactions.

Bitcoin mining has steadily recovered over time mainly due to the availability of cheaper mining hardware. Generally, the market is recovering from a prolonged chip shortage since the Covid-19 hit.

According to blockchain.com as seen from the chart above, BTC’s mining difficulty had dropped to a low of 27.69 trillion at the start of August. The mining difficulty has however recovered to about 28.35 trillion.

The post Bitcoin network difficulty recovers, transaction fees drop below $1 appeared first on Invezz.

View Details

Hashrate Follows Price: Bitcoin Hashrate Jumps 92% in 2 Months, Difficulty Expected to Increase in 4 Days

Bitcoin prices have improved a great deal in recent times and the network’s hashrate remains higher than it was 67 days ago when it tapped a low of 69 exahash on June 28. Today, statistics show Bitcoin’s hashrate has increased more than 92% since then and the network is due for another increased difficulty change… More

The post Hashrate Follows Price: Bitcoin Hashrate Jumps 92% in 2 Months, Difficulty Expected to Increase in 4 Days appeared first on BTC Ethereum Crypto Currency Blog.

View Details

Bitcoin Miners Contend With Fifth Network Difficulty Increase of 2023

Bitcoin miners are contending with the fifth network difficulty increase since February 24, 2023, following a 1.72% rise on April 20 at block height 786,240. The network’s difficulty now stands at 48.71 trillion, marking a 22.62% increase over the last 55 days since block height 778,176. Bitcoin’s Difficulty Has Risen More Than 22% Since Block [...]

The post Bitcoin Miners Contend With Fifth Network Difficulty Increase of 2023 appeared first on Crypto Breaking News.

View Details