Bitcoin mining difficulty hits new all-time high

The average hashrate of the network rose to 263,5 EH/s

11.10.2022 - 11:25

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2 min

What’s new? On October 10, bitcoin’s mining difficulty reached its new all-time high (ATH), up by 7,55% from the previous correction to 33,73T. According to BTC.com, the network’s average hashrate rose to 263,5 EH/s. The previous time this figure updated ATH was September 14 at 229,8 EH/s. As of October 11, 10:20 UTC, BTC is trading at $19 064, down by 1,22% per day, according to crypto exchange Binance.

BTC.com’s data

Hashrate is the total computational power in the bitcoin network. The mining difficulty determines the amount of computing power it takes to find a new block in the blockchain. The parameter changes every 2016 blocks, or about once every two weeks. This ensures that the time it takes to find a block is around 10 minutes.

Situation with mining. According to a report from Marathon Digital, one of the largest mining companies in the United States, it doubled the volume of BTC mined in September compared to the previous month. The total value of the company’s bitcoin assets rose to 10 670 BTC (~$203,4 million as of October 11).

Earlier, analysts at Hashrate Index reported that in August all public mining companies continued to increase their hashrate, and they plan to increase capacity by almost 17 EH/s by the end of the year. According to experts, the combined hashrate of the entire Bitcoin network could grow to 270-280 EH/s.

For how bitcoin’s hashrate growth affects miners, see GetBlock Magazine’s article.

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