Bitcoin mining difficulty hits record 36,84 T

After another recalculation, the average hashrate of the network was 257,77 EH/s

24.10.2022 - 09:00

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What’s new? Another recalculation on October 24 resulted in a 3,44% increase in bitcoin mining difficulty, reaching a record high of 36,84 T. The previous record was set on October 10 at 35,61 T. According to BTC.com, the average hashrate of the network is currently 257,77 EH/s. The previous time this figure also updated an all-time high (ATH) on October 10 at 263,5 EH/s. As of October 24, 08:50 UTC, BTC is trading at $19 335, having gained 0,82% in value in 24 hours, according to 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. In Russia, revenues from bitcoin mining grew 18-fold from 2017 to 2021, from 7 billion to 128 billion Russian rubles (RUB). Herewith, in 2022, the figure fell to 57 billion RUB. Due to the decrease in revenue and the reduction of BTC hashrate coming from Russia, the annual figure may reach 85,59 billion RUB.

The head of US Global Investors, Frank Holmes, predicted a massive shutdown of private miners if the rate of BTC declines. In his opinion, the threshold price of bitcoin, below which they can stop their activities, is $12 000 — in this case, mining will become unprofitable.

To find out how Bitcoin’s hashrate growth affects miners, see GetBlock Magazine’s article.

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