Bitcoin’s mining difficulty reached a new all-time high
Bitcoin’s mining difficulty has reached a new record level. After the last revaluation, this figure increased from 30.97 trillion hashes to 32.05 trillion hashes. Hence, Bitcoin’s mining difficulty increased by 3.45%.
This summer, the mining difficulty has temporarily decreased due to the shutdown of crypto mining equipment in the U.S. state of Texas. Due to extremely hot weather, local authorities have asked the owners of mining farms to turn off their equipment in order to reduce the load on the energy grid.
However, BTC’s hashrate has recently reached its former level, and then increased to a record level of 32.05 trillion hashes. According to data from Glassnode, the daily average Bitcoin hashrate is 229.4 EH/s.
The previous high was recorded in June, and the peak of difficulty was in May, right before the crypto market crash due to collapse of Terra. Amid the crypto market crash, Bitcoin dropped sharply. In June, Bitcoin’s price dropped to a local price floor of $ 17.6 thousand. In mid-August, BTC’s value temporarily rose, and in September it dropped below the key level of $ 20,000. Over the past 7 days, Bitcoin’s price has decreased by 6.15%.
Revaluation of Bitcoin’s mining difficulty is held roughly once every two weeks. At the end of last month, the difficulty immediately increased by 9.26% amid the hashrate recovery. The next revaluation is scheduled for September 27. It is expected that by that time the difficulty of mining will decrease by 1.5%.
Earlier this year, Bitcoin hashrate decreased significantly amid protests in Kazakhstan, where many mining farms are located. However, some companies intend to move the production to other countries due to energy shortages in the region.