AssetsJan 30, 2023

The difficulty of mining BTC has reached a new all-time high

The higher level of difficulty in the network of the oldest cryptocurrency makes an attempt to attack it more energy-intensive.

Bitcoin mining difficulty has increased once again recently, recording a new ATH. Analysts emphasize that the higher level of difficulty of mining a BTC block means greater network security of the historically first cryptocurrency. Attempting to attack it becomes more energy-consuming.

BTC mining difficulty with new ATH

This year, once again, a new peak has been set in terms of the level of difficulty of mining Bitcoin. The difficulty of the cryptocurrency king network is adjusted automatically based on the "mining activity" of the miners.

Data from the Glassnode analytics platform shows that over the past 12 months, the change in mining difficulty had little correlation with BTC price movements.

The BTC mining difficulty adjusts to the hashrate every 2,016 newly mined Bitcoin blocks. The mechanism of the largest of the cryptocurrencies has been constructed in such a way that each new BTC block is created on average every 10 minutes.

The increase in Bitcoin mining difficulty is perceived by some experts as a positive phenomenon. All because a potential attack attempt on the network becomes more energy-intensive. At the same time, however, miners feel a greater strain. Due to the significant competition, it is becoming increasingly difficult for them to mine a BTC block.

The increase in the price of Bitcoin increased profitability

Many miners of the leading cryptocurrency decided to leave the market during the ongoing cryptocurrency winter. The recent rise in the BTC chart has brought them relief.

Currently, one Bitcoin coin costs just over $23,000. From its January low of $16,400 to its current levels, its value has increased by more than 40%.