Bitcoin mining difficulty ignores low and hits new record By CriptoFácil

2023-06-16 19:13:15

© Reuters. Bitcoin mining difficulty skips low and hits new high

CriptoFácil – Although the price of (BTC) briefly lost the support of US$ 25 thousand, this did not stop miners from continuing to invest in the mining activity of the largest cryptocurrency in the world.

As a result, Bitcoin mining difficulty, a measure of how difficult it is to mine a block and earn rewards, has reached a new all-time high, according to data provided by BTC.com.

Mining difficulty increased by 2.18% to reach a new peak of 52.35 trillion at block height 794,304. The current average network-wide hash rate, another crucial metric, is at 383.87 exahashes per second, also very close to its all-time high.

Mining difficulty is a relative measure of the amount of resources needed to mine new Bitcoins. As more miners join the network and the block creation rate increases, the difficulty adjusts to ensure that the time to generate a new block remains approximately 10 minutes.

This adjustment occurs every 2016 blocks, or approximately every two weeks. A higher difficulty level indicates more competition among miners to solve the mathematical problem that allows a new block to be added to the blockchain.

Furthermore, a higher Bitcoin mining difficulty indicates that there is more investment being made in the mining industry showing a renewed appetite from miners.

Bitcoin Mining

Data from the beginning of the year shows a fluctuating but generally increasing trend in Bitcoin mining difficulty. After reaching a low of 34.09 trillion at block height 770.112 in January, the difficulty level has generally been rising, with the occasional dip.

The most notable spike was a 10.26% rise to 37.59 trillion at block height 772,128 on January 15. Despite small drops in early February and May, the difficulty level continued its upward trajectory, culminating in the recent record.

The recent increase in mining difficulty could mean a healthy and active Bitcoin network, with more miners competing to add new blocks. However, this fierce competition also increases the resources and computational power needed to mine new Bitcoins, making the process more complex.

By CriptoFacil