Over the past 90 days, Bitcoin’s hash rate has been climbing and gradually approaching the all-time high (ATH) captured by the network in May 6 months ago. The acceleration of computing power has caused the difficulty of the network to rise. The difficulty of Bitcoin mining has been increased 9 times in a row, which is close to the network difficulty recorded by ATH six months ago.

Bitcoin mining difficulty is close to lifetime high

The difficulty of Bitcoin mining is approaching the all-time high set on May 13, 2021. Network difficulty is basically a mechanism added by Satoshi Nakamoto to maintain a steady speed close to ten minutes. In addition, difficulty makes the entire system stronger in terms of security, because 51% attacks become more expensive and difficult to achieve.

When the computing power changes, the network considers the change every two weeks. When the computing power increases, the difficulty of mining Bitcoin (Bitcoin) Also rose. When the computing power drops suddenly, Like the end of June And in July China cracks down on Bitcoin mining, The difficulty will be reduced.when BitcoinThis year’s computing power plummeted, and the difficulty of mining fell by 39.8% in different ranges.

The difficulty needs to increase by more than 10% to reach a record high

The ATH of this difficulty on May 13, 2021 was about 25.05 trillion, and it was adjusted to 21.05 trillion two weeks later. After July 3, BitcoinAfter experiencing the biggest difficulty in the network life cycle downward adjustment, its mining difficulty dropped to a low of 13.6 trillion. At block height 689,472, a sharp drop of approximately 27.94%. Nowadays, BitcoinThe mining difficulty is 22.67 trillion, which is very close to its 25.05 trillion ATH.

The bottom line is Bitcoin (Bitcoin) Will be more difficult to mine in a short period of time than it was six months ago. The mining difficulty needs to increase by 10.27% from the current position to exceed the historical high on May 13. According to the current SHA256 profit rate, BitcoinThe difficulty of mining increased enough to exceed the ATH record six months ago is much more difficult. ASIC Bitcoin mining equipment, such as Microbt Whatsminer M30S++, Ipollo’s B2, and Bitmain Antminer S19 Pro, still cost more than $25 in electricity per day and $0.12 per kilowatt hour (kWh).

How do you think the network difficulty of Bitcoin is close to the all-time high set in May? Please tell us your thoughts on this topic in the comments section below.

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