The Bitcoin (BTC) hashrate, i.e., the aggregated number of hashes that all Bitcoin (BTC) mining computers calculate per second, has reached a record-breaking level. Bitcoin (BTC) difficulty might hit an all-time high tomorrow, after a predicted positive adjustment.

Bitcoin (BTC) hashrate hits new all-time high

Bitcoin (BTC), the largest cryptocurrency network, has reached a new hashrate record. Today, after a whopping 25.3% overnight spike, it reached 925 Eh/s (quintillion hashes per second). It is the highest ever level observed for this metric in all of Bitcoin's (BTC) history.

Bitcoin (BTC) mining difficulty, i.e., the indicator of how difficult is to find the next hash of a Bitcoin (BTC) block, is also set to reach a record-breaking value.

In tomorrow's adjustment, it is expected to gain 4.17% and surpass 95.88 T. The previous high was registered in mid-September over 92.76 T.

Currently, the Bitcoin (BTC) network is processing blocks 40 seconds faster than expected. This mirrors the growing Bitcoin (BTC) network activity and, therefore, the optimism of miners.

When miners are looking for potential gains, they most likely add new hardware to the network, which is reflected in increased hashrate and mining difficulty.

Bitcoin (BTC) bull run finally starting?

The Bitcoin (BTC) price made a comeback in recent days. Today, Oct. 21, 2024, in the early morning hours, it reached $69,500, the highest since mid-June.

As a result, Bitcoin (BTC) investors immediately turned greedy: the Fear and Greed Index reached 72/100, which is an indicator of strong greed.

In the last 24 hours, short positions have covered over 70% of liquidations on derivative markets. 

As covered by U.Today previously, Bitcoin (BTC) has only five days left to start a bullish phase. Otherwise, the market would log the longest bearish recession ever.

According to CryptoQuant's CEO Ki Young Ju, we might be seeing the longest sideways in a halving year in BTC's history.