This week, Bitcoin is setting new records in two areas: its hashrate and its price. Let's explore the main factors behind this growth.
Bitcoin's Hashrate Growth
On December 15, 2024, Bitcoin's hashrate, measuring the network's computing power, reached a record high of 801 exahashes per second (EH/s). This significant achievement indicates increased computational power of the network amidst heightened interest in the cryptocurrency. Just a year ago, the hashrate was 506 EH/s, showing a substantial increase by 293 EH/s over the past year.
Cryptocurrency Price Dynamics
Amid the rising hashrate, Bitcoin's price continues to increase, comfortably surpassing $100,000. As of this writing, Bitcoin is priced at $104,055.91, reaching a new all-time high of $106,450 during early Asian trading hours.
Bitcoin Network Prospects
The Bitcoin network continues to grow, currently buzzing at 799 EH/s. Blocks are being produced at an average of 9 minutes and 34 seconds, faster than the expected 10-minute interval. Consequently, a 4.4% difficulty adjustment is anticipated, increasing competition among miners and making block discovery more challenging. The Bitcoin market, with a cap of $2.05 trillion, boasts high activity, with a 24-hour trading volume of $66.9 billion.
Bitcoin demonstrates significant growth in both technological and financial terms. The increase in hashrate and price indicates growing interest and perception of the cryptocurrency as a vital digital asset.
