The difficulty of bitcoin mining rose more than 11% to reach a new constant (ATH) of the network.
Data BTC.com show that the complexity of the bitcoin mining made up 7.46 T. This figure surpasses the previous ATH a 7.45 T made in the beginning of October 2018.
The difficulty of mining bitcoin has reached a record high level. The network is stronger than ever.
Bitcoin reaching new levels of sophistication ATH shows that the network is now more secure than ever. The complexity relates to the ease with which miners solve cryptographic equations needed for “mining” new block on the network.
In addition, the new complexity ATH also dispels the myth of the “spiral of death”, voiced in the major media at the end of 2018. These unfounded fears escalated during the so-called civil war Bitcoin Cash in November 2018, when resources are moved from bitcoin to respective circuit hard fork.
On Thursday (30 may 2019), the hash rate of the network also approached the ATH. Such impressive figures mean an increase of activity in the network, and this happens after a brutal 15-month bear market that saw a decline of bitcoin more than 80%.
If we take security speed Hasrat network, the bitcoin to a new level of complexity ATH, provides an additional argument for the trust of the market. A death spiral mining took place at a time when BTC hit a low in 2018 at $3100.
As prices and technical fundamentals are moving in the same trajectory, more players with big money can be incentivized to buy bitcoin to raise its value. Bitcoin bull Max Keiser made a similar observation in the Tweet published on Thursday, saying:
Due to the fact that great players (try to) make your move, Hasrat goes up, security goes up, price goes up. $100 000 is not far off.
Currently, the bitcoin is experiencing a slight recovery after the rejection at $9000. Such drops, however, are not unusual. During your bullish take-off in 2017, BTC has gone through about eight such retreats, but soon reached $20,000 in mid-December 2017.
If $8100 is a preliminary point of resistance, if bitcoin will stay above the psychological level of $8000, the next target could be consolidation at the same level of support for $6400.
Speaking to Bloomberg on Thursday, Mike Novogratz with Galaxy Digital said he expects that bitcoin will remain in a price region of $7000 to $10,000.