The Bitcoin Mining Difficulty Has Reached A New High
According to BTC.com statistics, the Bitcoin mining difficulty has now reached a new all-time high of 35.61T, exceeding 13.5% following today’s adjustment.
The hashrate, which represents the total amount of computer power linked to the Bitcoin network, is an indicator crucial to mining difficulty.
The following graph depicts the trend in this indicator over the last year:
As shown in the graph above, the Bitcoin mining hashrate suddenly soared and reached a new all-time high. When the hashrate figure rises, it indicates that miners are bringing additional mining computers online on the blockchain.
On the BTC chain, there is something called the block production rate, which is how quickly miners handle new transactions per hour, and a characteristic of the network is that this rate remains virtually constant.
However, when the hashrate changes, so do the rate of block generation. For example, when the metric’s value rises, miners are now able to hash more blocks per hour due to increased processing power, and therefore the block production rate rises.
To address this issue and return the rate to the network’s usual value, the chain raises its mining difficulty. The Bitcoin difficulty measures the number of hashes required for miners to mine a block.
As it rises, miners’ speed slows, and the block rate returns more in line with the normal value. Similarly, the complexity decreases in the opposite scenario.
The BTC network adjusts the mining difficulty every two weeks, and the most recent change occurred today. Since the hashrate has lately increased quickly, the difficulty has inevitably increased as well.
Following the change, miners now require 35.61 trillion hashes to generate a new block on the Bitcoin network, the most ever.
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