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• The Bitcoin network records its highest mining difficulty of 26.643 trillion. 
• Data suggest another all time high in 12 days, reaching approximately 26.70 trillion. 
• F2 pool becomes the highest contributor to the hash rates as it mines 88 BTC blocks. 

The crypto spectrum is currently getting ravaged by the extreme bearishness in the markets where tokens are resetting themselves to the levels of initial value recorded at the end of 2020. While Bitcoin has plummeted below $40,000 levels, the reasons for strong bearishness ranges through various reasons including the FEDs outlook for a tighter monetary policy. However there exists strong support as the difficulty of mining has increased amid the ongoing bear markets.

The BTC network has recorded a new all time high mining difficulty of 26.643 trillion while the average hash rate stood at 190.71 exahashes (EH/s). Basically, interpreting a strong support from the mining community as the token has tanked to its lower values recorded during the latter of 2020 & beginning 2021. 

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As a part of the proof of work mechanism, the difficulty rate of the token is determined by overall computational power on the blockchain and in equilibrium with hash rates & consequently correlates to authenticating BTC transactions. From gauging the equation, it means that more miners are plugging onto their devices and working on the world’s largest cryptocurrency. 

Previously, the network difficulty & the hashrate of the blockchain plummeted to its lowest levels as China intensified its crackdown on cryptocurrencies between May & June of 2021. However, the hash rates seeked redemption from the month of august, when miners fled to neighboring countries to carry out their operations to now when mining difficulty has reached its all time highs. 

A report or interpretations from BTC.com shows us that the Bitcoin’s network will continue to grow stronger where it could hit another all time high of 26.70 trillion in a span of 12 days. On a similar plane, during the past week, F2Pool has generated & contributed highest hash rates as it mined 88 blocks of which 76 were pooled. 

As for the bear markets, Bloomberg commodity strategist, Mike McGlone is of the opinion that BTC has a plausibility to come out on top as it is considered digital reserve assets, however many other analysts pointed out the crypto spectrum will continue to face bearishnessas the beta of cryptos & Nasdaq securities have similar correlation while FED is inclined towards tightening of monetary policies.