Bitcoin Mining Difficulty Hits New All Time High

The Bitcoin Network’s mining difficulty jumped another 4.68% Sunday, hitting a new all-time high.

Bitcoin Mining Difficulty Hits a New All-Time High

On January 30, 2022, the mining difficulty sat at 26.24 EH/s as per the data from CoinWarz, but it has since risen to 39.35 EH/s, a roughly 50% increase.

Meanwhile, Bitcoin’s hash rate, which measures the amount of computational power dedicated to mining the cryptocurrency, currently sits at 305.81 ExaHashes per second (EH/s). This figure is still below the all-time high registered on January 6 of 348.7 EH/S.

The current hash rate means Bitcoin miners are currently making over 305 quintillion codebreaking attempts every second in attempts to solve the computational equations needed to produce the proof-of-work (PoW) cryptocurrency.

This time last year, Bitcoin’s hash rate was roughly 182.37 EH/s, making for a total increase of over 67% to the time of writing.

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Master Asked on January 31, 2023 in Bitcoin.
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