The Bitcoin mining difficulty has set a new all-time high, indicating a growing demand by individuals and enterprises to mine cryptocurrency. The most recent change saw a slight increase in difficulty and another 5.9% increase is scheduled to take place in just over 12 days from now. The total network hash rate is well above 1,874 million GH/s, and there is no sign of weakening anytime soon.
Bitcoin Mining Becomes More Difficult Than Ever Before
Throughout the past seven years, the Bitcoin mining difficulty has gone through several highs and lows. Satoshi Nakamoto designed this protocol in such a way the difficulty would automatically adjust depending on the most recent network hashrate when a difficulty change is designed to go into effect.
To put this into perspective: fewer people mining on the network before a difficulty change will – usually – result in a negative difficulty adjustment. Doing so would attract more miners again, who help secure and decentralize the network. However, as the hashrate continues to increase, so will the difficulty, which explains why we are at a new all-time high right now.