Bitcoin mining difficulty hits a new high

As a result of another adjustment to Bitcoin’s mining difficulty, it rose by 3.45% to a record 32.05 T.

The average network hash rate over the period between the latest adjustments stood at 229.4 EH/s. On September 12, the total computational power of the Bitcoin blockchain reached a peak of 232.4 EH/s, according to Glassnode.

The previous hash rate high was recorded on June 11, while the record difficulty level came a month earlier, on May 11, on the eve of the crypto market downturn sparked by the Terra collapse.

By the May milestone, the difficulty only approached it at the end of August, when, amid the rebound in hash rate, the increase amounted to 9.26%.

In the last month of summer, aggregate revenue of Bitcoin miners rose by 12% to $684.3 million. This followed declines in June (down 26%) and July (down a further 9%).

In terms of mining pools, leadership by share of network hash rate remains Foundry USA — 28.61%. Behind it in the rankings are AntPool (16.44%) and F2Pool (14.41%). Against the backdrop of liquidity problems, Poolin has lost a significant portion of its capacity since the start of September.

In April, Arcane Research analysts noted that the drop in Bitcoin’s price and the rise in hash rate would put pressure on mining profitability.

In September, experts concluded that despite adverse market conditions, publicly traded industry companies, mostly clients of Foundry USA, maintain financial resilience.

Follow ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analysis.