Bitcoin mining difficulty surged by 45% in 6 months

Bitcoin network is booming as the cryptocurrency garners mainstream adoption. As the crypto coin continues to achieve new all-time highs, it has achieved yet another ATH. Recently, the BTC network hit an ATH in mining difficulty, amid a steady climb since july, 2021. Following a spike in the level of difficulty, the competition among miners globally has been intensified. Indeed, experts deemed that as the difficulty level of the mining process has surged notably, the profitability will plunge.

Bitcoin mining difficulty hits 27.97 trillion hashes

CoinWarz, an on-chain analysis firm, has recently shared some reports indicating that on Friday the Bitcoin mining difficulty hit a new high. Notably, the difficulty reached 27.97 trillion hashes.

– Advertisement –

Following the spike in the BTC mining difficulty, analysts observed that such a surge has been observed for the second time over the past three weeks. Late last month, the difficulty of mining the leading cryptocurrency reached 26.7 trillion. Notably, at the time, the hash rates were at 190.71 exahashes per second (EH/s).

More competition among BTC miners

As the Bitcoin mining difficulty continues to spike, competition among miners intensifies. Higher the difficulty, miners have to struggle more to confirm a block and extract a block reward. U;timatley, miners will now begin to sell off their coins or their stocks to keep the cash reserves intact. 

Notably, Marathon Digital Holdings, one of the leading crypto mining firms, filed on Saturday to sell $750 million worth of it’s shares.

Hashrate also skyrocketed with difficulty

The total hash rate of the Bitcoin network has also hit a new all-time high along with the rising difficulty. According to a report shared by Blockchain.com, it is indicated that the hash rate of the leading crypto is at 211.9 EH/s.

Other measurement tools have also recorded different levels over the past few weeks. AMong all the tools, YCharts have highlighted a hash rate ATH of 248.11 EH/s, this weekend.

It is also worth noting that among the popular mining pools, AntPool and F2Pool have contributed the most hash power. Indeed, Antpool accounts for 96 blocks mined over 6the last four days. In contrast, F2Pool accounts for 93 blocks over the same period.