Bitcoin Mining Difficulty Hits an All-Time High despite Price Correction

Cryptocurrency concept. businessman, miner with shovel and digging tools working in the mine under laptop for making money with coins or bitcoin in online. vector illustration

Report from Glassnode and shows that Bitcoin mining difficulty rose to an all-time high of 26 trillion as of Friday, defying the recent price drop.

Source: Cointelegraph

Alt: BTC Mining Difficulty Chart

BTCUSD is down -6.27%

Difficulty bounced back about six months after dipping with the latest re-adjustment adding 9.32% to the prior area.

The news comes as hash rates remain at 192 exahashes per second after reaching a high of 218 EH/S on January 10.

Bitcoin price has reportedly been taught to follow hash rate, but the fundamentals at times move to the contrary. With a rising hash rate, miners become optimistic on their profitability.

Difficulty shows how much miners must work to solve a complex mathematical puzzle for a chance to validate transactions on a blockchain.

The parameter automatically increases or decreases the mining effort based on participation. As more miners compete, the difficulty goes higher.


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