Bitcoin Mining Difficulty Skyrockets, Demonstrating Network Strength
The most recent Bitcoin mining difficulty development has generated a lot of buzz in the cryptocurrency community.
According to the most recent information made accessible by BTC.com, mining Bitcoin is now more challenging. This modification increased the difficulty of mining Bitcoin by 1.72%, pushing it up to a record-high of 48.7T.
The digital currency has reached an important milestone today after experiencing a lot of volatility over the past few months.
Despite the current negative market, the average Bitcoin network hashrate hit a new high of 348.6 EH/s at the same time that mining difficulty is increasing.
This implies that more miners are entering the network, which is encouraging for Bitcoin’s stability and long-term health.
It is noteworthy that the mining difficulty of Bitcoin has varied significantly over the previous year, starting with 29.79T on April 27, 2022, and registering the said record high on April 20, 2023.
Mining Difficulty Level Up In Last 12 Months
How difficult it is for miners to find a valid hash for a block of transactions is indicated by the mining difficulty. It adapts to keep a regular block time of roughly 10 minutes every two weeks.
It’s interesting to note that the majority of the changes made in the last 12 months have led to a rise in mining difficulty. This level of difficulty has significantly increased during the last year, rising by 64%.
This suggests that the network is becoming more secure because successful assaults now need more processing power.
Image: Cryptopolitan
What Is Bitcoin Mining Difficulty?
Bitcoin mining difficulty is the degree of difficulty in solving the mathematical equations required to mine new blocks and validate transactions on the Bitcoin blockchain network. To maintain an average block discovery time of 10 minutes as more miners join the network, the difficulty level will increase as more miners join.
The mining difficulty is adjusted approximately every two weeks, or every 2016 blocks. The adjustment is dependent on the total network hashrate, which is the total computational power used by all network miners. If the hashrate increases, so does the difficulty of maintaining a constant block discovery time, and vice versa.
In the early days of Bitcoin, mining difficulty was minimal, and it was possible to mine Bitcoin using a personal computer or a basic mining rig. However, as more people began mining and the network expanded, the difficulty increased considerably, making Bitcoin mining more difficult and costly.
The record mining difficulty on the Bitcoin network is proof of the network’s tenacity and resiliency. It still attracts a wide range of miners and investors, which is encouraging for its long-term prospects.
Bitcoin Mining Difficulty All-Time High
The difficulty level in Bitcoin mining reached an all-time high of 36 trillion in November of last year. Now that miners are turning off their computers in droves due to a severe bear market, however, it has dropped significantly from its all-time high.
The combination of falling cryptocurrency prices and the introduction of more efficient mining hardware has rendered many miners unprofitable.
Bitcoin (BTC) market cap at $548 billion on the daily chart at TradingView.com
Meanwhile, the network’s security will increase as more miners join, making it more challenging for bad actors to execute their plans.
The overall cryptocurrency market will benefit from the rise in the crypto network’s average hashrate and Bitcoin mining difficulty.
It proves that the network keeps getting stronger and more secure despite the industry’s turbulence and uncertainties.
Source: CoinMarketCap
At the time of writing, Bitcoin was trading at $28,313, down 8% in the last seven days, data from CoinMarketCap shows.
-Featured image from Inside Telecom
