Bitcoin Mining Difficulty Reaches New All-Time High
2024-10-23

While BTC’s price has retraced from the recent Monday peak, the network’s fundamentals continue to improve, as shown by the mining difficulty.
The metric that showcases how hard miners have to work to produce a block has risen to its highest level ever of 95.67T.
The mining difficulty is incorporated into the world’s largest blockchain as a self-adjusting mechanism to ensure the stable production of new BTC. It happens every 2,016 blocks (approximately two weeks) and makes it either harder or easier for miners to do their job.
In a sense, if there are more miners operating on the blockchain, the difficulty increases and vice-versa. The recent surge to a new all-time high shows that more and more miners are putting their computational devices to work, which results in a more robust and better-performing network.
The metric reached a 2024 low of 79T in July but has increased by approximately 20% since then to its current level. Moreover, it’s up by 55% since last October when it was at 61T.
Another metric showing the overall stability of the largest blockchain, Bitcoin’s hash rate, has also been on the rise lately. In fact, itcharteda fresh all-time high at over 900 EH/s.
However, it has lost some of its momentum and is now down to 730EH/s. Despite this slight decline in the past few days, the hash rate has surged by 70% since this time last year.
BTC’s price actions have faced similar retracement since Monday. Asreportedat the time, bitcoin peaked at $69,500 but has dropped by about three grand and now sits at around $66,500.