Bitcoin mining difficulty hits a new high

As a result of another recalculation mining difficulty for the first cryptocurrency rose by 1.72%. The metric climbed to a new high at 48.71 T.

The average hash rate over the period since the previous change stood at 348.6 EH/s. This indicates miners are ramping up their computational power.

According to Glassnode, the smoothed 7-day moving average on April 18 reached a peak of 356 EH/s. It subsequently corrected to around 347 EH/s.

The rise in mining difficulty, coupled with a drop in the price of the first cryptocurrency, is likely to have squeezed miners’ revenues. According to Hashrate Index, hashprice over the past 24 hours fell from $81 per PH per day to $76.

In March, total Bitcoin miner revenues rose to $757.8 million — up 21% from February.