(The Herald Post) – Bitcoin mining difficulty has reached an all-time high following its most recent adjustment on April 6. The fourth consecutive increase brought the indicator to 47.8 T, reflecting a 2.23% growth. This comes after the last downward adjustment on February 11. The mining difficulty self-adjusts every 2,016 blocks, or approximately two weeks, in order to maintain an estimated 10-minute time to create a block.
Despite a recent decrease in Bitcoin’s hashrate, or processing power, by an average of 20 EH/s, the complexity of mining the network continued to rise. This is because the hashrate remained above the level recorded at the time of the last difficulty adjustment on March 23.
Various sources report different hashrate measurements for Bitcoin. BTC.com estimates it at 375 EH/s, while mempool.space suggests a slightly higher computational power of 376 EH/s (with a moving average of around 346 EH/s). The Hashrate Index, on the other hand, measures the miner power at 342 EH/s, based on a 7-day average.
Increased mining difficulty has direct consequences for the hashprice, which represents the rate at which miners profit from the hashrate they contribute to the network. As the difficulty increases, the hashprice declines due to a decreased expectation of gaining rewards.
Greater mining difficulty also implies more miners are contributing computational power, resulting in heightened competition for rewards provided by the network to miners who find a new block. However, recent setbacks have affected miners across the globe. Some were forced to disconnect their equipment in Venezuela, while the U.S. state of Texas, known for its favorable Bitcoin mining conditions, is considering tightening power regulations, which could impact the sector in the near future.