Bitcoin Mining Hits Record 110 Trillion Difficulty Amid Rising Competition

Mining Challenges Surge: Bitcoin’s Difficulty Sets New All-Time High
From Genesis to 110 Trillion: The Evolution of Bitcoin Mining Difficulty
Bitcoin Mining Records: Hashrate Soars Toward Zettahash Milestone
Bitcoin Mining: Rising Difficulty Signals a Stronger Network, Tougher Game

The Bitcoin (BTC) ecosystem continues to break records, with mining difficulty rising to an all-time high of 110.45 trillion (T). This figure signifies that mining Bitcoin is now approximately 110.45 trillion times more challenging than it was at the time of Bitcoin’s genesis block.

Mining difficulty adjusts every 2,016 blocks, recalibrating to ensure blocks are mined on average every 10 minutes.

This marks the eighth consecutive positive adjustment in mining difficulty, increasing pressure on miners in an increasingly competitive environment. The rising difficulty makes it harder to mine blocks and earn Bitcoin rewards, pushing some miners to pivot to alternative industries. For instance, several publicly traded mining firms, including MARA Holdings (MARA), have diversified into high-performance computing (HPC) and artificial intelligence (AI). MARA has also issued convertible bonds to acquire Bitcoin and is optimizing revenue by lending out Bitcoin to earn single-digit yields.

Such consecutive positive adjustments are not unprecedented. A similar streak occurred in 2021, following China’s mining ban, which caused a 50% drop in hashrate. From July to November 2021, mining difficulty saw nine consecutive positive adjustments, with the last one coinciding with Bitcoin’s bull market peak of $69,000. A prolonged bear market followed throughout 2022, marking the top in late 2021.

In contrast, during the 2018 cycle, Bitcoin saw 17 consecutive positive adjustments from December 2017, peaking at $20,000. This was followed by a minor negative adjustment in July 2018, with Bitcoin trading around $6,000. Further consecutive positive adjustments continued before the network experienced multiple negative adjustments in late 2018, hitting the cycle bottom near $3,000.

Although no definitive trend emerges from consecutive positive difficulty adjustments, historical data shows they often coincide with major market tops or bottoms.

Currently, Bitcoin’s 7-day moving average hashrate is at an impressive 775 EH/s (exahashes per second). CoinDesk research suggests the network could reach 1 zettahash per second before the next halving, showcasing its continued strength and resilience.

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