The most recent pre-programmed bitcoin mining difficulty adjustment increased the metric to new all-time highs not seen in over a year. The hash rate has also been gradually increasing recently, setting a new record.
The highest increase in mining difficulty in 17 months
Built as an essential part of the network, the mining difficulty readjusts at every 2,016 blocks (roughly two weeks), making it harder or easier for miners to do their job, depending on the current computational output. The ultimate goal is to keep block production at around 10 minutes.
The Bitcoin blockchain had four consecutive increases until late September, when it fell slightly by slightly more than 2%. However, the network recently experienced its largest difficulty increase since May 2021, of 13.55%.
As a result, the metric has now reached 35.61T, the highest value ever. This means that it takes 35.6 trillion hashes to mine one bitcoin.
It’s also worth noting that the hash rate has been steadily increasing over the last few months. Just a few days ago, it hit an all-time high of 278 Ehash/s.
Both metrics increasing at the same time indicates that an increasing number of miners are putting their computational devices to work on the world’s largest blockchain, thereby increasing its security.
How could this be?
Although the ongoing bear market has harmed many miners, with some even declaring bankruptcy, the overall number appears to be increasing.
According to data from Cambridge, this could be attributed to China to some extent, as many locals have turned their machines back on despite the ban. Nonetheless, the United States remains a world leader.
Furthermore, with the bear market and the fact that most markets have recovered from the lack of chips in 2020 and 2021, the prices of some of the most commonly used mining rigs have fallen.
To read our blog on “Bitcoin mining is “one of the sustainable industries in the world.”,” click here
