Bitcoin Mining Difficulty Hits New All-Time High

While the price of BTC has recovered from Monday’s recent peak, the fundamentals of the network continue to improve, as evidenced by the mining difficulty.

The metric showing how hard miners have to work to produce a block has risen to an all-time high of 95.67T.

Mining difficulty is built into the world’s largest blockchain as a self-adjusting mechanism to ensure stable production of new BTC. It happens every 2,016 blocks (roughly two weeks) and makes it harder or easier for miners to do their jobs.

In a sense, if there are more miners operating on the blockchain, the difficulty increases and vice versa. The recent rise to a new all-time high shows that more and more miners are getting their computing devices up and running, resulting in a more robust and better performing network.

The metric hit a 2024 low of 79T in July, but has risen roughly 20% since then to its current level. In addition, it has increased by 55% since last October when it was at 61T.

BTC mining difficulty. Source: Coinwarz

Another metric that shows the overall stability of the larger blockchain, Bitcoin’s hash rate, has also increased recently. In fact, it set a new all-time high of over 900 EH/s.

However, it has lost some of its momentum and is now down to 730EH/s. Despite this slight dip in recent days, the hashrate is up 70% since this time last year.

BTC price action has faced a similar pullback since Monday. As reported at the time, bitcoin hit a high of $69,500, but has dropped about three thousand and now sits around $66,500.

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