Bitcoin mining difficulty, a measure of how hard it is to mine a block and earn rewards, has hit a record high, according to data provided by BTC.com.
The mining difficulty has climbed by 2.18% to hit a new peak of 52.35 trillion at block height 794,304.
The current average hashrate of the entire network, another crucial metric, is at 383.87 exahashes per second, which is close to the all-time high.
For the uninitiated, mining difficulty is a relative measure of the amount of resources required to mine new Bitcoin. As more miners join the network and the rate of block creation increases, the difficulty adjusts to ensure that the time it takes to generate a new block remains approximately 10 minutes. This adjustment happens every 2016 blocks, or roughly 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.
Tomiwabold OlajideThe recent increase in mining difficulty may signify a healthy and active Bitcoin network, with more miners vying to add new blocks. However, this heightened competition also increases the resources and computational power required to mine new Bitcoin, making the process more complex.
Vladislav Sopov
Dan Burgin