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Bitcoin mining difficulty reached a new all-time high of 83.99 T on March 14, marking a 5.79% increase since the last adjustment. The current mining hashrate for the leading cryptocurrency has also hit a record high of 616.74 EH/s, indicating a surge in mining participants.
The next difficulty adjustment is scheduled for March 27, with a projected increase of 0.07%. The complexity of Bitcoin mining plays a crucial role in determining the total power required for mining activities, bringing the halving date of BTC closer with each rise in difficulty.
Bitcoin’s mining difficulty began a significant upward trend in September 2023, coinciding with a price surge that saw Bitcoin surpass $30,000 for the first time. The cryptocurrency has maintained a price level above $30,000 ever since.
On March 14, Bitcoin reached a new all-time high (ATH) of $73,737, marking a nearly 46% increase in value over the past month according to CoinGecko. As of the latest update, Bitcoin is trading at $71,885, with a 1.4% decrease in price over the last 24 hours and a 27% drop in daily trading volume to $44 billion. The total market capitalization of Bitcoin now exceeds $1.4 trillion.
Moreover, open interest (OI) in Bitcoin futures trading on exchanges hit a new ATH of $33.9 billion on March 13, indicating heightened market activity and trader sentiment towards Bitcoin futures.
