Bitcoin mining difficulty hits a new record

Bitcoin’s mining difficulty rose by 9.32%, reaching a new high of 26.64 trillion hashes (TH).

The previous record was set on May 13, 2021 at 25.05 TH.

Later that month Bitcoin’s hashrate fell by 20% due to power outages in China’s Sichuan province which led to a decline in the corresponding difficulty.

Subsequently the metric continued to fall amid crackdowns on mining in the country and migration of capacity abroad. In a single recalculation, a record drop of nearly 28% was recorded.

By the end of June, the hashrate had fallen to July 2019 levels and showed signs of recovery after about a month. Around the same time, began to increase, and the difficulty rose as well.

According to Blockchain.com, on January 20, 2022 the network’s hash rate reached a new high of 198.8 EH/s (seven-day moving average).

In August 2021, the United States displaced China from the lead in Bitcoin’s hashrate share.

For details on the consequences of China’s mining ban and other changes in 2021, see ForkLog coverage.

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