Bitcoin Mining Difficulty Jumps 14%, Hitting All-Time High
Bitcoin miners have been dealt another blow as the network’s difficulty rose 14% to a new all-time high of 35.6 trillion on Monday. Bitcoin mining difficulty is an expression of how many hashes, or guesses, a miner needs to produce the cryptographic string that earns it the right to add the next block of transactions to the chain.
Monday’s difficulty hike is the single largest since May when it rose by 22%. The Bitcoin network difficulty is set to adjust again in approximately two weeks, when it’s estimated to drop only slightly, according to BTC.com. Miners have been hit especially hard by the bear market, with mining revenue down 53% from the start of the year, according to Blockchain.com, as the Bitcoin price has struggled to stay above $20,000 since it experienced an 11% slide on September 13.
Source
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