Bitcoin Mining Difficulty Reaches All-Time High
The mining ecosystem of Bitcoin has seen unprecedented levels of difficulty, with hashrate reaching new highs alongside the price surge.
Continuous Increase in Mining Difficulty
- On Dec. 16, mining difficulty surged by 4.43% to an all-time high of 108.52 trillion at block height 874,944.
- This marks the sixth consecutive upward increase in mining difficulty and the 26th adjustment this year.
- Total mining difficulty has risen by 40% this year alone, as per Cloverpool data.
Hashrate on the Rise
- The hashrate, measuring the total computational power securing the network, has been increasing.
- Network’s mean hashrate consistently surpassed 800 exahashes per second (EH/s) over the past month.
- As of Dec. 15, the hashrate was at 707 EH/s, according to CryptoQuant data.
Impact on Miners
- A higher hashrate enhances network security but also increases mining complexity.
- Miners are now required to invest in advanced, energy-efficient technology to stay competitive.
- Miners have been liquidating portions of their Bitcoin holdings to cover rising operational costs.
