Bitcoin Mining Difficulty Reaches All-Time High
With just two months remaining until the fourth halving event, Bitcoin miners are operating at a high level. The mining difficulty metric increased by over 8% recently, reaching a new all-time high. Despite the Chinese crypto ban and the bear market, miners have continued to show resilience.
Difficulty Grows by 8%
The Bitcoin mining difficulty adjusts every 2,016 blocks based on mining power. When more miners participate, the difficulty increases to preserve the block production ratio. The metric has steadily risen over the years and has quadrupled since February 2021.
The latest increase of 8.2% took the mining difficulty to over 81T, demonstrating the network’s robustness ahead of the halving event.
Speculations have arisen that the hash rate may decline before the halving as some miners disconnect their machines from the blockchain. The BTC hash rate has already decreased by 15% since its peak earlier this month.
BTC Price Update
In addition to the mining difficulty, Bitcoin’s price has been on an upward trend recently. It broke through resistance levels and surged past $50,000 for the first time in over two years. However, it failed to breach $53,000 and currently stands around $52,000.
The price increase represents a 10% gain over the past week.
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