<img src="https://bitcoinmagazine.com/.image/c_fit%2Ch_800%2Cw_1200/MjA2Nzg1MjU2Nzk0MTA1NjE5/single-bitcoin.jpg” />
bitcoin mining difficulty hit a new all-time high of 92.67 trillion bitcoin/difficulty-chart”>September 11thThis represents a 3.04% increase in the last 24 hours and continues an upward trajectory in mining competition.
He bitcoin-miner-difficulty/”>bitcoin Difficulty Chart It graphs the historical increases and decreases in mining difficulty over time. It measures how difficult it is for miners to find a valid hash for the next block. Higher difficulty requires more computing power to mine new bitcoin.
When combined with the bitcoin price, difficulty helps determine miners’ profitability and return on investment. The metric is set to skyrocket in 2024 amid massive growth in overall hash rate and bitcoin adoption.
The rising difficulty shows an intensification of competition on the bitcoin network as more miners fight for limited block rewards. This is generally constructive for the security and decentralization of the network.
Despite tough market conditions this year, the increase in difficulty shows the unprecedented demand for bitcoin block rewards and underscores the incredible security offered by the collective computing power of miners around the world.
The difficulty adjustment algorithm built into bitcoin's code dictates the rate of change in mining competition. It is programmed to find blocks roughly every 10 minutes, maintaining a steady flow of new bitcoin over time.
This predictable bitcoin issuance schedule makes its inflation rate easy to model and makes it attractive to investors compared to fiat currencies subject to central bank policies.
<script async src="https://platform.twitter.com/widgets.js” charset=”utf-8″>
