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