Bitcoin mining difficulty has recently reached a new milestone, with the figure surging by 2.23% to reach an all-time high of 47.89 trillion hashes.
The previous record was set on March 24, 2023, when it reached 46.84 trillion hashes.
The mining difficulty of the world’s largest cryptocurrency is recalculated approximately every two weeks, with the rate depending on the network’s hashrate.
As the hashrate continues to grow steadily since 2021, the mining difficulty has also increased, especially after the Chinese government banned mining in their country, causing a significant drop in hashrate.
However, miners have now relocated their equipment to other regions, leading to an increase in hashrate. As of Friday afternoon, April 7, the Bitcoin rate is around $27,930.
Despite the increasing difficulty, miners are not deterred from acquiring more mining devices and generating revenue.
In fact, early April reports indicate that miners have recorded their best results since May last year, with bitcoin mining companies generating a cumulative revenue of $755 million in March 2023.