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Bitcoin Mining Difficulty Edges to All-Time High

Bitcoin Mining Difficulty Edges to All-Time High

Bitcoin Mining Difficulty Edges to All-Time High

The bump in mining difficulty comes as hashrate remains strong, despite bitcoin’s price edging downward.

The bump in mining difficulty comes as hashrate remains strong, despite bitcoin’s price edging downward.

The bump in mining difficulty comes as hashrate remains strong, despite bitcoin’s price edging downward.

By Sam Reynolds
AccessTimeIconSep 14, 2022, 5:17 AM
Updated May 11, 2023, 6:47 PM
(Midjourney/CoinDesk)
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On-chain data shows that bitcoin’s (BTC) mining difficulty has crossed an all-time high with its latest jump, the second in two weeks.

  • Bitcoin’s mining difficulty increased by 3.45% at block height 753,984 to 32.05 trillion hashes.
  • This is the second significant recent increase. On Aug. 31, the difficulty jumped by 9.26%.
  • Given bitcoin’s compressed value, with recent declines on high CPI numbers, and a possible bottoming out as low as $10,000, profitability is narrowing for miners.
  • Despite concerns about profitability, the average hash rate remains above 200 exahash per second at 229.39 EH/s, close to the all-time high of 231 EH/s.

STORY CONTINUES BELOW

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BitBitcoin: Mean hashrate (7-day moving average) (Glassnode)
  • On-chain data shows that Digital Currency Group-owned Foundry USA is currently contributing 28% of the total global hash rate followed by AntPool at 16.15%.
  • CoinDesk is an independent subsidiary of Digital Currency Group, the crypto-focused conglomerate that also owns Grayscale and TradeBlock.

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