Bitcoin Mining Difficulty Aims for All-Time High; Hashrate Already There

Bitcoin Mining

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Sead Fadilpašić

Journalist

Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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Last updated:

June 26, 2023 06:54 EDT

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Bitcoin (BTC) mining difficulty might be about to hit another all-time high (ATH), and the jump to lead it there would be the second-biggest one this year. Meanwhile, weekly moving average of hashrate has already hit an ATH.

Bitcoin mining difficulty, or the measure of how hard it is to compete for mining rewards, may rise to 23.05 T in less than two-days time, reaching another all-time high, estimates (at 14:46 UTC) mining pool BTC.com. This would come after the previous highest difficulty of 21.87 T, recorded during the last adjustment two weeks ago.

This number would also lead the difficulty out of the 21 T level as its highest point so far, and where it has stood for much of the year so far.

The estimated change of 5.43% that would result in this 23.1 T difficulty would also be the second-highest jump this year, compared with 10.79% in January.

Meanwhile, per BitInfoCharts.com, the computational power of the network known as hashrate has also been rising. The 7-day simple moving average of hashrate hit an all-time high of its own on March 25, reaching 145.4807E. It has dropped slightly to 143.3174E since.

As a reminder, the mining difficulty of Bitcoin is adjusted around every two weeks (or more precisely, every 2016 blocks) to maintain the normal 10-minute block time. The 7-day simple moving average block time on March 30 was 9.6 minutes.

Meanwhile, according to ByteTree, miners have been spending their coins rather than holding them. They spent BTC 316 in a day and 763 in a week. Typically, miners build their inventory during market weakness and sell into strength.

At 14:56 UTC, BTC trades at USD 58,669 and is almost unchanged in a day. It’s up by 7.5% in a week.

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