Bitcoin Mining Reaches All-Time High Amid Rising Difficulty

Key Points:

• Mining difficulty up 1.72% to 48.71T, hashrate up to 355.4EH/s.
• Bitcoin price down 1.94% over last 24 hours, up 70% YTD.
• Profitability rate for mining down to $0.0646/TH/s from $0.2 a year ago.

The Bitcoin mining difficulty reading came in at 48.71 trillion at block height 786,240, following a 2.23% rise in the previous adjustment, according to data from BTC.com.

The difficulty level has been on the rise since February 25 in the last five adjustments. This means that the computing power required to mine blocks and be rewarded with Bitcoin has increased. The higher the difficulty level, the more computing power is required to mine Bitcoin.

Furthermore, the hashrate of Bitcoin’s network has increased, indicating that miners are applying more computing power. According to data from Blockchain.com, the hashrate was at around 355.4 exahashes per second on Wednesday, up from 338.3 exahashes on April 6. This increase in hashrate means that more and more miners are joining the network, making it more secure.

Despite the rise in difficulty level and hashrate, the price of BTC has dipped 1.94% over the last 24 hours to trade at US$28,284 at 11:30 a.m. in Hong Kong, and fell 7.83% over the past seven days, according to data from CoinMarketCap. However, it is important to note that Bitcoin’s price has risen over 70% so far this year, which is a remarkable feat.

The profitability rate of BTC mining has decreased over the past year. Data from BitInfoCharts showed that the profitability rate of Bitcoin mining stood at US$0.0646 per terahash per second in the past 24 hours, down from US$0.2 from a year ago. This means that it is becoming more expensive to mine Bitcoin, and miners are earning less for their efforts.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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