Following the latest recalculation of the bitcoin mining complexity, the measurement increased by 1.72% and has now surpassed the previous record to reach an all-time high of 48.71 trillion hashes.
This adjustment occurs roughly every two weeks and is reliant on the network hashrate – the higher the hashrate, the greater the complexity of mining.
The previous record was established on April 7th at 47.89 trillion hashes, while on March 24th, it reached 46.84 trillion hashes.
Since the mining ban in China caused a substantial decline in the Bitcoin hashrate in 2021, the mining difficulty indicator of the first cryptocurrency has been continuously rising.
This is due to miners relocating their equipment to different regions and purchasing new ones, thereby increasing the hashrate.
Despite the increasing difficulty, miners have been able to expand their operations and profits by adding more equipment.
In fact, the first cryptocurrency’s miners reported their best earnings since May of last year in early April.
As of March 2023, these bitcoin mining firms have generated a cumulative revenue of $755 million.