According to the data received, Bitcoin mining has reached record levels.
According to data provided by BTCcom, Bitcoin mining difficulty has reached a record high. Mining difficulty rose 2.18 percent to 52.35 trillion at block height of 794,304.
Bitcoin Mining Difficulty Reaches New Record Level
Mining difficulty is a relative measure of the amount of resources required to create a new Bitcoin block. As more miners join the network and the speed of block generation increases, the difficulty level is recalculated. The goal is to have a new block created in about 10 minutes. These adjustments occur every 2016 blocks, or approximately every two weeks. A high level of difficulty indicates more competition between miners to solve a mathematical problem and allows a new block to be added.
Data since the beginning of the year shows that Bitcoin mining difficulty has fluctuated, but an overall increasing trend. The difficulty level began in early January at a block height of 770.112, dropping to 34.09 trillion, then rising overall with occasional dips. The most notable increase was 37.59 trillion at block height 772,128, an increase of 10.26 percent on January 15. Although there were minor decreases in February and May, the difficulty level showed an upward trend and reached a record level.
The recent difficulty increase could indicate a healthy and active Bitcoin network, as more miners are competing to add new blocks. However, this increased competition complicates the process by increasing the resources and computational power required for new Bitcoin mining.
