Difficulty in Bitcoin Mining Hits Another All-Time High

After a steady increase since the lows recorded in late July, the Bitcoin network has reached another all-time high in terms of difficulty as the competition among miners heats up. The difficulty of mining a block in the Bitcoin network is measured in terms of Bitcoin mining difficulty. It adjusts itself automatically every two weeks. As more miners join the Bitcoin network, the Bitcoin mining difficulty rises; as miners leave the network, the Bitcoin mining difficulty falls. This ideation was created by Satoshi Nakamoto – to mine a block, every ten minutes, in the Bitcoin network no matter the number of miners present in the network. China also plays a major role in the relationship between miners and bitcoin difficulty. Many miners, in May 2021, fled out of China and made both hash rate and mining difficulty drop. The previous mining difficulty all-time high was on May 14 with 25.04 T. Later in July 2021, the year’s lowest mining difficulty was recorded which was 13.67T. On-chain analysis software On February 18, CoinWarz, a cryptocurrency mining calculator, reported that mining difficulty has reached a new high of 27.97 trillion hashes (T). Bitcoin (BTC) has now reached a new all-time high in terms of difficulty for the second time in three weeks. 23 January 2021 reported that the Bitcoin mining difficulty reached 26.7T as the hash rate became 190.71 EH/s (exhashes per second). Higher difficulty implies that miners are comp...