Bitcoin mining difficulty at a record high

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Bitcoin mining difficulty hit another all-time-high on Wednesday, recording a 4.9% increase from the previous adjustment last month.

See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list

Fast facts

  • The mining difficulty reading is now at 31.25 trillion at a block height of 735,840, according to data
  • The previous all-time high of 29.79 trillion was logged on April 27.
  • Bitcoin mining difficulty is a measure of how hard a miner would have to work to verify transactions on a block in the blockchain, or “dig out” Bitcoins. 
  • The difficulty level undergoes an adjustment every 2,016 blocks, which usually takes about two weeks.
  • Such mining difficulty adjustments are highly correlated to changes in the mining hashrate, which refers to the level of computing power used per second when mining. When the hashrate increases, the mining difficulty typically follows.
  • The Bitcoin hashrate rose to 221.74 exahashes per second on Tuesday on a seven-day average, up slightly from 220.49 exahashes on April 27, data showed.

See related article: Nvidia to pay US$5.5 mln for inadequate disclosure of crypto mining earnings

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