Bitcoin mining difficulty rises by 7,56% and updated its all-time high

After another recalculation, the network’s hashrate is at 342 EH/s

24.03.2023 - 08:15

438

2 min

What’s new? On March 24, bitcoin’s mining difficulty rose by 7,56% and reached a record high of 46,84T. According to blockchain explorer BTC.com, after another recalculation, the network’s average hashrate is at 342,90 EH/s. As of 08:00 UTC, BTC is trading at $28 278, having gained 2,24% 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. On January 16, according to the recalculation results, bitcoin’s mining difficulty increased immediately by 10,26%, setting a maximum at 37,59 T. The growth could be due to the resumption of mining rigs of major companies after their shutdown due to a snowstorm in the United States. During the next 10 weeks, the indicator showed positive dynamics almost all the time, setting new highs. Over the past three months, the rate of BTC rose by 63,19%, crossing the $28 000 mark for the first time since June last year.

On March 10, a solo miner managed to mine an entire block of bitcoin. The CKPool administrator noted that a miner with this size of capacity (6,7 PH/s) calculates a block once every ten months on average, and the event is “very lucky.”

US President calls for 30% tax on electricity for miners

If the proposal is approved, the rate will be raised in stages over three years at 10% per year

Read further

Earlier, the Ministry of Finance of the Russian Federation proposed to oblige miners to declare income. According to the draft law, in case of violation, they would face criminal liability, providing up to four years of imprisonment.

Author: