Assessing Bitcoin’s hashrate and network difficulty as BTC drops

ambcrypto.com:

Bitcoin’s [BTC] Year-To-Date (YTD) performance of over 70% has been one of the best in its history, considering the number of months it took to reach the landmark . But unbeknownst to many, the price rise also impacted the mining industry, which faced a lot of challenges in the past year.

How much are 1,10,100 BTCs worth today ?

Stifel, a Canadian investment firm, gave an update on the matter in its 20 March blockchain industry update. According to the firm, the first three months of the year have affected an increase in the hashprice. The hashprice provides a clue into the hardware miners use. It also gives an overview of the revenue generated on a per terahash basis.

Although the average hashprice fell 7% on a Month-on-Month (MoM) basis, it could still keep miners above water.

Furthermore, the rise in BTC’s price has also been followed by ATH records for the Bitcoin hashrate and network difficulty. However, Stifel noted that the network difficulty could add another 5.5% by 23 March. 

The network difficulty measures how time-consuming and challenging it is to find the right hash for each block. At press time, the metric was 43.55 Target (T). This projection implied that discovering new Bitcoin blocks would be very competitive as the day goes by.

It was also the same projection for the hashrate as the organization firmly said it expected growth in that regard. As of the time Stifel published its report, the Bitcoin hashrate was 326 Exahash per second (EH/s). However, the firm gave its reason, saying,

“We expect continued growth to the overall network hash rate in the near term as newer gen machine deliveries are installed and brought online.”

The hashrate describes the amount of processing and computing power per