Bitcoin Mining Difficulty Reaches Highest Level in Crypto History

The difficulty to mine Bitcoin (BTC) is up 13.55% from the last adjustment made about two weeks ago, reaching an all-time high, according to data from btc.com. It was the biggest adjustment since May 2021.

Today, it takes 35.6 trillion hashes to mine a unit of the cryptocurrency.

BTC mining difficulty refers to the computing power required to “create” blocks (file with transactions) on the blockchain. It is adjusted every 2016 blocks (approximately every two weeks) as provided for in the digital currency code.

The size and direction of the adjustment depends on the total mining power of Bitcoin, and its purpose is to keep block confirmations happening on the network every 10 minutes.

The network’s current hashrate is 257 million terahashes per second (TH/s), according to blockchain.com. That’s a significant increase from this same time last year, when it was around 140 million TH/s.

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Rising difficulty paints an even bleaker picture for BTC miners who are already feeling the pinch from weak digital asset prices and high energy costs.

To cite two recent examples, London, England-based miner Argo Blockchain was forced to raise $27 million last week to ease liquidity pressures, and mining data center provider Compute North in Minnesota , in the United States, filed for bankruptcy

“Our profitability was squeezed from both sides, with higher energy prices and lower Bitcoin prices resulting in a cash crunch,” said Peter Wall, CEO of Argo Blockchain.

Bitcoin continues to hover in a very tight trading range around the $19K area. The price at the time of publication of this text was US$ 19,333.

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