Bitcoin Mining Difficulty Set a New All-time High Record

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Bitcoin mining difficulty has surged by 3.6%, setting a new all-time high of 92.7 trillion. This surpasses the previous record of 90.67 trillion set at the end of July.

Details of Recent Bitcoin Mining Difficulty

According to data from blockchain explorer Mempool, the recent Bitcoin difficulty adjustment came at block 860,832, reaching a record of 92.67 trillion. Bitcoin mining difficulty measures how difficult it is to solve the complex cryptographic puzzles used for mining.

The Bitcoin network’s mining difficulty is adjusted automatically after 2,016 blocks have been mined. This process automatically adjusts roughly every two weeks to maintain an average block creation time of 10 minutes. Notably, the number of miners in the network determines how difficult it is to mine additional units over time.

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Also, the difficulty of mining Bitcoin increases when the number of miners on the network increases. On the contrary, the mining difficulty decreases when fewer miners compete to find new blocks. The latest positive adjustment comes as the Bitcoin network’s seven-day moving average hash rate reached a record of nearly 693.84 EH/s. Also, it highlights the massive amount of computational power miners deploy globally.

Bitcoin Mining Profits Plummet to Record Lows

Some days ago, Bitcoin mining profitability reached a new low. According to JPMorgan’s research report, BTC miners earned an average of $43,600 EH/s in daily block reward revenue in August. This figure contrasts the peak of $342,000 per EH/s in November 2021, when BTC traded at $60,000, and the network hashrate was lower at 161 EH/s.

Rising network hashrate is one of the key factors contributing to reduced profitability. The network hashrate averaged 631 EH/s in August, an increase of 16 EH/s from the previous month and 20 EH/s below the level seen before the Bitcoin halving event.

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Struggles of Bitcoin Miners Post-Halving

Energy experts say miners have struggled with reduced revenues following the April Bitcoin halving event and have had to adapt. However, they maintained that Bitcoin miners need not engage in energy theft but seek sustainable ways to conduct operations.

In a recent evaluation of the crypto mining sector, Bernstein, a research brokerage firm, indicated that some companies can surpass market expectations and deliver returns for investors.