Bitcoin Mining Difficulty Adjustment Triggers Record High, Time For $40,000?
Summary
The Bitcoin network recently had a difficulty adjustment, making it the sixth consecutive increase in Bitcoin mining difficulty, reaching an all-time high at 67.96T. In the last 24 hours, there has been a 3.4% increase in mining difficulty resulting in an overall 22.18% increase in the last 90 days. This difficulty adjustment determines the computational power needed to mine the next Bitcoin block to keep block generation in line with a set time of 10 minutes. This adjustment can affect Bitcoin's price since there's a correlation between the two. The assumption is that if the network difficulty increases to 72T, the Bitcoin price could reach $40,000. Last reported, Bitcoin traded at around $37,300.
