Bitcoin mining difficulty hits a new all-time high

Following another recalculation mining difficulty of the first cryptocurrency rose by a modest 0.35%. The metric reached a peak at 57.32 T.

The average hash rate over the period since the previous adjustment stood at 410.27 EH/s. The interval between blocks was the protocol’s intended 10 minutes.

According to Glassnode, the smoothed seven-day moving average on September 20 reached a high of 427.15 EH/s. Since then it has corrected and, at the time of writing, stood at 414.55 EH/s.

According to Hashrate Index, hashprice stands at $62.24 per PH/s per day. Compared with the value on the date of the last difficulty adjustment (~$65.5), the metric has fallen by about 5%.

On October 2, as the first cryptocurrency surpassed the $28,000 level, the metric recorded a daily hashprice of $63.75 per PH/s, the highest in almost two weeks.

Earlier in September, JPMorgan lowered the estimate of the cost of mining Bitcoin. The move followed a revision by the Cambridge Centre for Alternative Finance of the methodology for the electricity consumption index in mining.