BTC.com’s statistics indicates that at block height 786,240, the mining difficulty for Bitcoin changed, rising by 1.72% to a record-breaking high of 48.71T.
This event happened at the same time when the average Bitcoin network hashrate, despite the bear market, reached a new high of 348.6 EH/s.
Starting at 29.79T on April 27, 2022, and increasing significantly over the preceding 12 months to reach the aforementioned record high on April 20, the mining difficulty of Bitcoin has seen tremendous variations. The mining difficulty has increased by 63.54% throughout the course of the year.
With the bulk of the modifications, the mining difficulty has increased. There have only been five times in the last year where it has declined.
A block of transactions’ mining difficulty is a measurement of how challenging it is for miners to obtain a valid hash for the block. It adapts to keep a consistent block time of around 10 minutes every two weeks, or every 2,016 blocks.
The network is more secure since it is harder for miners to create new blocks when the mining difficulty is higher.
This improved security results from the higher processing power needed to conduct a successful assault, which gets harder as mining difficulty increases.
Given that the Bitcoin network continues to draw new investors and miners, the record-high mining difficulty is a tribute to its sturdiness and resiliency.
