Key Takeaways
- Bitcoin mining difficulty hit a record 92.7 trillion after a 3.6% increase.
- The network's seven-day moving average hash rate reached 694 EH/s.
- Mining difficulty adjusts every two weeks to maintain a consistent block time.
Bitcoin mining difficulty surged by 3.6% on Wednesday, reaching an all-time high of 92.7 trillion.
This adjustment came at block height 860,832, surpassing the previous record of 90.67 trillion set in July.
The rise follows the Bitcoin network’s seven-day moving average hash rate, which hit a record 694 EH/s on Sunday.
Revenue declines
The recent difficulty adjustment comes after Bitcoin miners faced revenue declines following Bitcoin’s fourth halving in April.
Despite the block reward being halved to 3.125 BTC, miners have been ramping up their hash rate, leading to a new all-time high hash rate of 694 EH/s.
In response to falling revenues, with the hash price now at $0.04, many less efficient miners have exited the market, while larger operators have upgraded equipment and increased their share of the network’s total hash rate.
As of today, Bitcoin is trading at $56,541, down 1.4% over the last 24 hours but still up 33.7% for the year.
