The hash rate of the Bitcoin network reached a new all-time high of 258 EH/s on Thursday before falling back slightly to 220 EH/s. This means that there are more and more miners and more computing power on the blockchain.
It should be noted that the hash rate of the Bitcoin network has increased by more than 400% since the ban on cryptocurrency mining in China last year. Then the network hashrate dropped below 70 EH/s. The network was able to recover from a significant drop by the end of last year, and in 2022 showed further growth.
The Bitcoin network also saw an increase in mining difficulty to new all-time highs of 29.70 trillion. Mining difficulty is adjusted so that the block generation time remains constant at 10 minutes. This offsets the increase in the overall network hash rate. Bitcoin mining difficulty increased by 5% on April 27, according to BTC.com.
As for the cost of Bitcoin, after the recent decline, the cryptocurrency tried to overcome the $40 thousand mark. But this attempt ended in failure, it only managed to reach the level of $39,883, and then the price of Bitcoin went down again.
In part, the decline in the price of Bitcoin is due to the growth in the value of the American currency. The US dollar currency index reached its highest level since 2002, and this causes a decrease in the value of other assets.