Bitcoin mining difficulty reaches all-time high

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Bitcoin
Bitcoin mining difficulty reaches all-time high

Crypto miners resume work after a stormy winter to find bitcoin mining difficulty has jumped to 10.26, a new record high since last October.

According to data from BTC.com, the bitcoin (BTC) mining difficulty rate is at its ATH of 37.59 trillion. This represents an increase from last year’s readings, which were 36.76 trillion on November 22.

On Jan. 16, the difficulty retargeting of the bitcoin blockchain reached a block height of 772,128, which amounts to 10.26%. The hashrate dedicated towards bitcoin was estimated at 271.43 EH/s.

Bitcoin mining difficulty reaches all-time high - 1
Source: BTC.com

Most miners have returned online after taking a break due to storms and power interruptions experienced in North America. The current difficulty surpasses all the difficulties encountered in the previous year when the block height reached 758,016.

The last seven days have benefited bitcoin miners since the price has jumped to about 22.7% higher. However, the increase in the mining difficulty might cause significant disruption in the price in the coming days.

The start of 2023 was pleasant to the bitcoin miners and traders, whereby on Jan. 6, the hashrate hit a previous all-time high of 361.20 exahash per second (EH/s), exceeding the previous record set on Nov. 12. The blockchain continued to experience faster block intervals in the last few days until Sunday, when the difficulty increased. It is important to note that the first month of 2023 has seen two records set, indicating the things to be expected during the year.

Data from BTC.com also predict the timeline for the next difficulty in bitcoin mining. The experts have indicated that January 28 might be the next date for another difficulty. By Sunday, about 67,846 blocks were remaining to reach the next halving. Therefore, the average hashrate might continue to rise. BTC.com has also indicated that 1,736,531.23 Bitcoin (BTC) awaits discovery.

Bitcoin mining difficulty reaches all-time high - 2
Source: BTC.com

Is it a bullish season for bitcoin?

Bitcoin prices have been volatile during the tail end of 2022 when the price went down to almost $16,500 per bitcoin. The New Year has brought hope to bitcoin enthusiasts after an increased price. The current trend shows bullish characteristics that have seen bitcoin reaching $21,000 and above at about a 22% price increase.

Crypto analysts such as Gert van Lagen remain optimistic about the bullish behavior of bitcoin.

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Wayne Jones

Wayne is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.