Bitcoin Mining Difficulty Reaches New All-Time High
The Bitcoin mining difficulty has reached a new all-time high in 2023. This metric controls the rate at which new blocks are added to the blockchain. According to BTC Blockchain Explorer, the difficulty surged by 5.07% at block height 818,496, reaching a record high of 67.96 T.
What is Mining Difficulty?
Mining difficulty measures the power required to verify transaction blocks on the Bitcoin blockchain. An increase in difficulty indicates higher demand for the network, while a decrease suggests fewer miners.
Bitcoin mining difficulty ushered in a mining difficulty adjustment at block height 818496. The mining difficulty was raised by 5.07% to 67.96 T, continuing to hit a record high. The current average hashrate of the entire network is 504.80 EH/s.
— Wu Blockchain (@WuBlockchain) November 26, 2023
This increase in mining difficulty marks the sixth consecutive rise in the last six adjustments. It surpassed early projections and can be attributed to BTC’s price performance, network activity, and transaction fees.
BTC Price Overview
Currently valued at $37,510 with a 0.6% increase in the past day, Bitcoin has maintained its profitability on a weekly timeframe. Over the past seven days, the cryptocurrency has surged by over 2.7%, and in November alone, it has seen a 10% increase.
With a market capitalization of over $733 billion, Bitcoin remains the largest cryptocurrency in the sector.
Hot Take: Bitcoin Mining Difficulty Hits New High Amidst Rising Demand
The mining difficulty of Bitcoin has reached an all-time high, reflecting the growing demand for the cryptocurrency. This surge in difficulty indicates the increasing power required to verify transaction blocks on the blockchain. With the rising network activity and transaction fees, miners face the challenge of maintaining profitability. Despite this, Bitcoin continues to perform strongly in terms of price, with a steady increase over the past month. As the leading cryptocurrency in the market, Bitcoin maintains its position as a valuable asset with a significant market capitalization.
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