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Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown

Bitcoin Mining Difficulty Hits New ATH Jumping Over 13.5%

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows the Bitcoin mining difficulty has set a new all-time high after observing a 13.5% jump during the latest adjustment.

Bitcoin Mining Difficulty Sees Highest Single Increase Since May 2021

According to data from BTC.com, the BTC mining difficulty now has a value of 35.61T after the adjustment today, marking a new ATH.

An indicator that’s relevant to the mining difficulty is the hashrate, which measures the total amount of computing power connected to the Bitcoin network.

Here is a chart that shows the trend in this metric over the past year:

Bitcoin Mining Hashrate

Looks like the value of the metric has sharply surged up during recent days | Source: Blockchain.com

As you can see in the above graph, the Bitcoin mining hashrate spiked up and set a new all-time high just recently.

When the value of the hashrate goes up, it means miners are bringing more mining machines online on the blockchain.

Related Reading: Soccer League LaLiga And Dapper Labs Unveil Date Of New NFT Platform

There is something called the “block production rate” on the BTC chain, essentially how fast miners are handling new transactions per hour, and a feature of the network is that this rate stays near constant.

However, whenever the hashrate fluctuates, so does the block production rate. For example, the metric’s value going up means miners are now able to hash more blocks per hour thanks to the extra computing power, and hence the block production rate increases.

To solve this and bring the rate back to the network’s standard value, the chain increases its “mining difficulty.” The Bitcoin difficulty is a measure of the number of hashes that miners require in order to mine a block.

With it going up, miners’ pace is slowed down, and hence the block rate returns to be more in-line with the standard value. Similarly to this, the difficulty goes down in the opposite case.

Related Reading: Why Bitcoin and Chainlink Investors Are Eyeing Up Potentially Gaining 1,000x More With New Crypto Big Eyes Coin

The BTC network shifts its mining difficulty about every two weeks, and the latest adjustment happened to be today. Since the hashrate rapidly rose up recently, the difficulty has also naturally shot up.

Bitcoin Mining Difficulty

The value of the metric has set a new ATH | Source: BTC.com

After the adjustment, it now takes miners 35.61 trillion hashes to mine a new block on the Bitcoin blockchain, the highest ever.

BTC Price

At the time of writing, Bitcoin’s price floats around $19.2k, down 1% in the last week. Over the past month, the crypto has lost 10% in value.

Bitcoin Price Chart

The value of the coin seems to have stagnated during the last few days | Source: BTCUSD on TradingView
Featured image from Dmitry Demidko on Unsplash.com, charts from TradingView.com, Blockchain.com, BTC.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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