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Bitcoin mining difficulty edges to all-time high

Bitcoin mining difficulty edges to all-time high
CoinDesk Analysis TeamCoinDesk Analysis TeamCoinDesk

On-chain data shows that Bitcoin’s mining difficulty has crossed an all-time high with its latest jump, the second in two weeks.

Bitcoin’s mining difficulty increased by 3.45% at block height 753,984 to 32.05 trillion hashes.

This is the second significant recent increase. On Aug. 31, the difficulty jumped by 9.26%.

Given Bitcoin’s compressed value, with recent declines on high CPI numbers, and a possible bottoming out as low as $10,000, profitability is narrowing for miners.

Despite concerns about profitability, the average hash rate remains above 200 exahash per second at 229.39 EH/s, close to the all-time high of 231 EH/s.

Bitcoin

BitBitcoin: Mean Hash Rate (7d Moving Average) (Glassnode)

On-chain data shows that DCG-owned Foundry USA is currently contributing 28% of the total global hash rate followed by AntPool at 16.15%.

CoinDesk is an independent subsidiary of Digital Currency Group, the crypto-focused conglomerate that also owns Grayscale and TradeBlock.

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CoinDesk Analysis Team

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

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