While Bitcoin‘s price remains trapped within a narrow range, the world’s largest cryptocurrency is witnessing an unprecedented challenge in its mining arena. Network fundamentals are painting an overwhelmingly bullish picture for Bitcoin.
Recent data from BTC.com reveals a surge in Bitcoin mining difficulty, reaching a remarkable milestone of 50.68 trillion. This new all-time high was achieved through a 3.4% increase at block height 792,288 on May 31st. It marks the first time Bitcoin has surpassed the 50 trillion difficulty level.
The robust conviction and competition among miners are further underscored by the network’s hash rate, which is hovering near its peak at 400 EH/s. Leading the pack is Foundry USA, contributing the highest market share of 28.9% in hash rate, followed by Antpool at 22.6% and F2Pool with a dominant 14.1% share.
This surge in mining difficulty comes as a relief for Bitcoin miners, who faced significant challenges during the market turmoil of the previous year. The recent craze around NFTs contributed to their respite by driving transaction fees.
Mining revenue hit a five-year high last month in an extraordinary turn of events. Driven by the popularity of NFTs, miners are now actively deploying more mining machines, thus boosting the network’s computational power.
Additionally, Bitcoin mining-related stocks in the United States experienced gains this week as President Joe Biden agreed to abandon the proposed 30% tax on electricity used by these companies.
Riot Platforms emerged as the leading gainer among major mining stocks, followed closely by Iris Energy, Hive Blockchain, Cleanspark, Hut 8 Mining and Marathon Digital Holding.
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