A new milestone has been reached in the world of Bitcoin mining, with a fresh recalculation revealing a record-breaking figure. The complexity of mining has spiked by 7.56%, reaching an impressive 46.84 trillion hashes.
This exceeds the previous record, which was set on March 14 and stood at 43.55 trillion hashes. The mining table on Bits.media suggests that this figure could increase by an additional 11.57% in the coming weeks.
It’s important to note that the mining difficulty for Bitcoin is recalculated every two weeks, and it’s determined by the network hashrate. As the hashrate increases, so does the complexity.
Since 2021, the mining difficulty indicator has been steadily rising following a significant drop in Bitcoin’s hashrate due to the Chinese ban on mining.
However, miners have been relocating their equipment and investing in new ones, which has led to an increase in the hashrate.
On March 22, Bitcoin’s price had surged to nearly $29,000, but it plummeted to $27,000 following the announcement of the US Federal Reserve System’s decision to hike the rate. As of now, Bitcoin is trading at $28,000.
In addition, the Fear sentiment indicator and Greed (“Fear and Greed”) in the Bitcoin market have recently hit a new record high for greed, something that hasn’t happened since November 2021.
It’s worth noting that purchasing BTC when the index indicates greed should be done with caution, and the best time to buy is when the index is below 25. At present, the index has reached 68.