BTC Mining Difficulty Climbs to All-Time High Amid Surging Miner Activity

Bitcoin’s mining difficulty has once again hit a new all-time high. This time, it has soared above 136 trillion, indicating increased activity among miners.

According to on-chain data from the blockchain analytics platform CryptoQuant, the network’s mining difficulty has been steadily increasing since mid-July.

Mining Difficulty Surges

The Bitcoin mining difficulty is a measure of how difficult it is for miners to solve cryptographic puzzles and validate new blocks. The goal is to complete bitcoin block creation in approximately 10 minutes, secure the decentralized network, and ensure a sustainable creation of new BTC coins.

However, the mining difficulty increases when blocks are mined too quickly. Conversely, it decreases whenever the blocks are mined too slowly. This adjustment occurs after every 2,016 blocks, which are often completed within two weeks.

According to the chart below, the last time that the Bitcoin network saw a decrease in mining difficulty was on July 10th, when it dropped to approximately 116.95 trillion. Since then, it has been on an upward streak.

Bitcoin Mining Competition Heats Up

The latest peak seen on the Bitcoin difficulty chart indicates that more miners have joined the bandwagon with advanced mining rigs. This way, they stand a chance to earn more BTC from their mining operations.

The blockchain’s hashrate record shows an increase in miners’ activity. For context, the Bitcoin hashrate refers to the computing power that miners use to process transactions. CryptoQuant’s current data shows a hashrate of 1.041 trillion in the past 24 hours. Notably, this is the highest value the hashrate has seen since August 29th.

In recent months, several Bitcoin mining companies have diverted their attention to the Ethereum network. With some new players joining the Bitcoin mining ecosystem, the current record shows that more miners are joining the ecosystem.

As the Bitcoin network experiences a substantial surge in its mining difficulty, its price is also witnessing a mild increase. According to CoinMarketCap, BTC was trading at $11,000 at the time of writing, a 3% increase in the last seven days.