On May 11, following another recalculation, Bitcoin mining difficulty rose by 4.89% to reach a new high of 31.25 T.
Since the start of 2022, the metric has fallen only three times. The maximum decline stood at 1.49%.
In the period since the previous recalculation, the average hash rate reached 223.7 EH/s.
According to Glassnode, the seven-day smoothed moving average of Bitcoin’s network hash rate stands at 222.2 EH/s. The maximum of 227.2 EH/s was recorded on May 5.
In 2022, the hash rate rose by about 32%.
Earlier, Arcane Research analysts noted pressure on mining profitability due to the decline in Bitcoin’s price and rising hash rate.
At the time of their study, the leading cryptocurrency traded around $40,000. On May 10, Bitcoin prices had fallen below $30,000.
In April, miner revenue amounted to $1.15 billion — down 4% from the previous month.