Bitcoin Mining Difficulty Could Reach Record High as Hash Rate Rise

Bitcoin

BTC mining difficulty at $105,578.62 is on track to set a new all-time record around midnight UTC, indicating increased miner engagement and improved blockchain security.

The adjustment is expected to be completed within the next 100 blocks, and forecasts suggest the figure will grow by approximately 4% to 126.95 trillion (T), surpassing the current record of 123 T. According to Coinwarz, the difficulty was 109 T at the beginning of the year.

The increase reflects growing long-term confidence in Bitcoin's value, even as network activity and transaction fees remain low.

The difficulty changes every 2016 blocks and is based on the network hashrate, which measures the total computing power dedicated to securing the network. The seven-day rolling average of the hashrate is now 918 exahashes per second (EH/s), up from 840 (EH/s) over the past two weeks. With previous peaks of 925 EH/s, any further increase would mean a new all-time high for the hashrate.

Despite the increase in mining activity, transaction fees remain exceptionally low. Currently, a high-priority transaction costs only 2 satoshi per virtual byte (sat/vB), which is equivalent to approximately $0.30. The higher the fee, the faster the transaction will be confirmed, as miners prefer transactions with higher fees.

These figures indicate that while the demand for transactions on the Bitcoin network has decreased, mining power continues to grow, reaching new heights, highlighting the gap between usage and infrastructure development.

Source: cryptonews.net