The Difficulty of Bitcoin Mining Reached a Historic High

Bitcoin’s price hit a Year-to-Date [YTD] all-time high on May 30, when it reached $9000, however, the surge wasn’t sustainable as the correction followed. This roller coaster ride caused millions of liquidations for both longs and shorts. The mining difficulty also hit an all-time high as of May 31, 2019. The new mining difficulty reached 7.46 T, which is a new high for the Bitcoin network, as compared to the old level at 7.45 T.

Source: btc.com

The difficulty of Bitcoin increased by a solid 11.26% with block 578,592, which is really an astonishing level compared to the increase in previous blocks. It directly relates to the increase in mining, which means the number of miners in the Bitcoin ecosystem is growing as well. Moreover, the difficulty of the network increases every 2016 blocks.

The hash rate of Bitcoin has also been on a steady rise since December 2018, when it stagnated at a very low level due to the dip in Bitcoin’s price. However, at the time of writing, the hash rate for Bitcoin reached ~58 TH/s, which is 2 TH/s away from reaching an all-time high.

Image courtesy of Bitcoin Magazine