Bitcoin’s price might have retreated after touching the $9k mark yesterday, but its key network stats are not showing any signs of retreating. All major numbers of this digital gold are going only up with every passing day, and they touched a new milestone today after the mining difficulty of BTC touched an all-time high. What this means is that the Bitcoin network is now more secure than it has ever been, and in the coming days it’s going to be more difficult to create. Therefore, the impact of this news on Bitcoin’s price is also going to be seen.Mining difficulty refers to the ease with which someone can solve cryptographic equations to mine a block of Bitcoin transactions, thus creating new Bitcoins in the system through the mechanism of mining rewards. In simple words, as mining difficulty is increased, the pace of new Bitcoins entering the system is decreased. Therefore, the price shoots towards the higher side. Currently the mining difficulty of Bitcoin stands at 7.46T. this figure is higher than the difficulty of 7.45T achieved back in October 2018. This new difficulty quells the narrative of mining death spiral that was being set by the mainstream media since last few months. The Bitcoin hashrate is also approaching its own all-time high.As all these metrics create new records, there’s a very good chance that more players will enter the crypto space. That’s one of the reasons why Bitcoin’s price has been zooming since last few months. There’s a good chance that we may cross $10,000 this week. It’s still trading above $8,400, which is a good signal.Now, if someone thinks that this rise in network hasrate, mining difficulty and BTC price is accidental, they’re mistaken. All these things are actually part of Bitcoin’s design. Bitcoin permabull Max Keiser sums it up in these words:Exactly. The #Bitcoin protocol invites this type of thinking baked right into the incentive and game theory layers. As bigger players (try to) make their move, hashrate goes up, security goes up, price goes up. $100,000, here we come.— Max Keiser, tweet poet. (@maxkeiser) May 30, 2019
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