The Bitcoin price reached its highest level in two years at more than $ 19,000 and fell below $ 17,000 more than once a week as mining problems continued to rise.
Bitcoin (BTC) mining problems have increased by 8.9% today, according to network analytics provider Glassnode, bringing the rate to within 5% of the highest ever recorded last month.
The increase in mining difficulties led to the beginning of bullish cycles in 2013 and 2016, although it remains to be seen whether the recent currency rally within 3% of the ATH price in the long run. The Bitcoin price fell by 11% last week when several whales transferred some of their assets to stock exchanges and reached $ 18122 at the time of publication.
Greater mining difficulties could mean an increase in user fees and the time it takes to create a block, as well as an increase in the number of non-reduced transactions in the Bitcoin diary pool. According to Earn.com, the optimal BTC transaction fee is currently 14,272 Satoshi, or about $ 2.60.
The Ethereum (ETH) blockchain has also recently reached record highs. Glassnode reported that on Friday, mining problems in the network reached their highest level in two years after the token price fell from $ 600 on November 23 to $ 513 in three days.
The hash speed of the network – a measure of the amount of processing power allocated to validate bitcoin transactions – has fallen after ATH reached measurement and mining problems in October. Data from Blockchain.com shows that between October 17 and November 2, the number fell by more than 27%, from 146.5 EH / s to 106.6 EH / s. Bitcoin has a hashrate of 130.15 EH / s, according to BTC.com.
At the time of publication, the bitcoin price has remained above $ 18,000 after rising 1.9% in the last 24 hours.