Bitcoin Mining Difficulty Reaches Record High
Recent data from CoinWarz reveals that Bitcoin mining difficulty has surged to a new all-time high of 109.78 trillion. This milestone was achieved following a positive difficulty adjustment on Sunday, resulting in a 1.16% increase in the metric.
Over the past 90 days, Bitcoin mining difficulty has grown by 24%, marking a significant uptrend. Since the beginning of the year, the metric has soared by 52%, reflecting the increasing competition in the mining sector.
The upcoming difficulty adjustment scheduled for Jan. 14 is anticipated to be negative, projecting a decline of over 8% to approximately 100.7 trillion. This adjustment cycle occurs every two weeks, aligning with Satoshi Nakamoto’s design to maintain a balanced production rate of new coins.
In tandem with the rising mining difficulty, Bitcoin’s hashrate has also been setting new records. On Dec. 15, the network’s total computational power surpassed 800 EH/s for the first time, as reported by Blockchain.com. This continuous growth in hashrate underscores the robust fundamentals of Bitcoin.
Some market analysts suggest that Bitcoin’s price movement often correlates with its hashrate performance, implying a potential positive outlook for the cryptocurrency. Despite hitting a record high of $108,135 earlier this month, Bitcoin is currently trading at $93,638 after experiencing a 13% pullback.