Bitcoin's mining difficulty has reached a new record, surpassing 136 trillion, signaling an increase in miner activity.
Mining Difficulty Surge
Bitcoin's mining difficulty is a measure of how hard it is for miners to solve cryptographic puzzles and validate new blocks. The goal is to create Bitcoin blocks approximately every 10 minutes, securing the decentralized network and ensuring sustainable new coin creation. Difficulty increases when blocks are mined too quickly and decreases when blocks are mined too slowly. This adjustment occurs every 2,016 blocks, which often takes about two weeks.
Increased Mining Competition
The latest peak seen on the Bitcoin difficulty chart indicates that more miners have joined with advanced rigs, allowing them to earn more BTC. The blockchain's hashrate record shows an increase in miner activity. Bitcoin's hashrate refers to the computing power that miners use to process transactions. CryptoQuant's current data shows a hashrate of 1.041 trillion in the past 24 hours, the highest since August 29.
Bitcoin Market Amidst Rising Difficulty
In recent months, several Bitcoin mining companies have shifted their focus to the Ethereum network. However, new players continue to enter the Bitcoin mining ecosystem. As mining difficulty surges, the price of Bitcoin is also witnessing a slight increase. According to CoinMarketCap, BTC was trading at $11,000 at the time of writing, reflecting a 3% increase over the past seven days.
With the record growth of Bitcoin mining difficulty and increased miner activity, the cryptocurrency market remains dynamic and competitive.
