{"id":562538,"date":"2023-11-26T19:00:49","date_gmt":"2023-11-26T19:00:49","guid":{"rendered":"https:\/\/wncen.com\/?p=562538"},"modified":"2024-06-11T07:15:55","modified_gmt":"2024-06-11T07:15:55","slug":"bitcoin-mining-difficulty-hits-new-record-high-with-5-rise","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-mining-difficulty-hits-new-record-high-with-5-rise\/","title":{"rendered":"Bitcoin Mining Difficulty Hits New Record High With 5% Rise"},"content":{"rendered":"

The Bitcoin mining difficulty has witnessed another increase in 2023, bringing the metric to a new all-time high. The Bitcoin \u201cdifficulty<\/a>\u201d is a vital aspect of the network that controls the rate at which new blocks are added to the blockchain at a given time.<\/span><\/p>\n

Bitcoin Mining Difficulty Surges To A New High Of 67.96T<\/strong><\/h2>\n

According to data from BTC Blockchain Explorer, the Bitcoin network experienced a significant adjustment at block height 818,496. This caused the blockchain\u2019s difficulty to soar by 5.07%, reaching a new all-time high of 67.96 T.<\/span><\/p>\n

The mining difficulty is an essential feature that measures how much power is required to verify transaction blocks on the Bitcoin blockchain. An increase in mining difficulty value suggests higher demand for the Bitcoin network, while a lower difficulty value<\/a> implies that there are fewer miners on the network.<\/span><\/p>\n

\n

Bitcoin mining difficulty ushered in a mining difficulty adjustment at block height 818496. The mining difficulty was raised by 5.07% to 67.96 T, continuing to hit a record high. The current average hashrate of the entire network is 504.80 EH\/s. https:\/\/t.co\/vgAkEgyDOf<\/a><\/p>\n

\u2014 Wu Blockchain (@WuBlockchain) November 26, 2023<\/a><\/p><\/blockquote>\n

Related Reading: XRP Price May Recapture 61,000% Surge Seen In 2017, Analyst Claims<\/a><\/div>\n

It is worth noting that the metric has been on an upward trend in the past few weeks. In fact, the recent mining difficulty value represents the sixth consecutive increase in the last six adjustments.<\/span><\/p>\n

Interestingly, the new mining difficulty value surpassed the early projections for the blockchain<\/a>. Initially, the Bitcoin mining difficulty was only expected to increase by about 3.8% to 67.14 T in the latest adjustment.<\/span><\/p>\n

The network hash rate, which measures the total computing power for mining BTC<\/a>, has also increased. According to BTC Blockchain Explorer, the current average hash rate for the Bitcoin network is 504.8 EH\/s, a 3.76% increase from a previous hash rate of 486.5 EH\/s.<\/span><\/p>\n

Some of the factors contributing to the increasing Bitcoin mining difficulty are BTC\u2019s recent price performance<\/a>, the recent surge in network activity, and the spike in transaction fees. And as the metric continues to rise, it appears that miners will continue to face the challenge of maintaining profitability.\u00a0<\/span><\/p>\n

BTC Price Overview<\/strong><\/h2>\n

As of this writing, Bitcoin is valued at $37,510, reflecting a 0.6% price increase in the past day. While the premier cryptocurrency seems to be drifting away from the $38,000 price mark, it has managed to maintain most of its profit on the weekly timeframe.<\/span><\/p>\n

Related Reading: Analyst Sounds Warning: This Might Be Your Last Chance To Buy Bitcoin Below $40,000<\/a><\/div>\n

According to data from CoinGecko, the Bitcoin price<\/a> has swelled by more than 2.7% in the past seven days. Meanwhile, the market leader has registered a 10% increase in the past month, emphasizing its strong performance in November.<\/span><\/p>\n

Bitcoin remains the largest cryptocurrency in the sector, with a market capitalization of over $733 billion.<\/span><\/p>\n

\"Bitcoin<\/p>\n

Bitcoin price drifts away from $38,000 on the daily timeframe | Source: BTCUSDT chart on TradingView<\/a><\/pre>\n
Featured image from iStock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin mining difficulty has witnessed another increase in 2023, bringing the metric to a new all-time high. The Bitcoin \u201cdifficulty\u201d is a vital aspect of the network that controls the rate at which new blocks are added to the blockchain at a given time. Bitcoin Mining Difficulty Surges To A New High Of 67.96T According to data from BTC Blockchain Explorer, the Bitcoin network experienced a significant adjustment at block height 818,496. This caused the blockchain\u2019s difficulty to soar by 5.07%, reaching a new all-time high of 67.96 T. The mining difficulty is an essential feature that measures how much power is required to verify transaction blocks on the Bitcoin blockchain. An increase in mining difficulty value suggests higher demand for the Bitcoin network, while a lower difficulty value implies that there are fewer miners on the network. Bitcoin mining difficulty ushered in a mining difficulty adjustment at block height 818496. The mining difficulty was raised by 5.07% to 67.96 T, continuing to hit a record high. The current average hashrate of the entire network is 504.80 EH\/s. https:\/\/t.co\/vgAkEgyDOf \u2014 Wu Blockchain (@WuBlockchain) November 26, 2023 Related Reading: XRP Price May Recapture 61,000% Surge Seen In 2017, Analyst Claims It is worth noting that the metric has been on an upward trend in the past few weeks. In fact, the recent mining difficulty value represents the sixth consecutive increase in the last six adjustments. Interestingly, the new mining difficulty value surpassed the early projections for the blockchain. Initially, the Bitcoin mining difficulty was only expected to increase by about 3.8% to 67.14 T in the latest adjustment. The network hash rate, which measures the total computing power for mining BTC, has also increased. According to BTC Blockchain Explorer, the current average hash rate for the Bitcoin network is 504.8 EH\/s, a 3.76% increase from a previous hash rate of 486.5 EH\/s. Some of the factors contributing to the increasing Bitcoin mining difficulty are BTC\u2019s recent price performance, the recent surge in network activity, and the spike in transaction fees. And as the metric continues to rise, it appears that miners will continue to face the challenge of maintaining profitability.\u00a0 BTC Price Overview As of this writing, Bitcoin is valued at $37,510, reflecting a 0.6% price increase in the past day. While the premier cryptocurrency seems to be drifting away from the $38,000 price mark, it has managed to maintain most of its profit on the weekly timeframe. Related Reading: Analyst Sounds Warning: This Might Be Your Last Chance To Buy Bitcoin Below $40,000 According to data from CoinGecko, the Bitcoin price has swelled by more than 2.7% in the past seven days. Meanwhile, the market leader has registered a 10% increase in the past month, emphasizing its strong performance in November. Bitcoin remains the largest cryptocurrency in the sector, with a market capitalization of over $733 billion. Bitcoin price drifts away from $38,000 on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":559130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,640,654,679,1119,78790],"class_list":["post-562538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-network","tag-bitcoin-price","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Mining Difficulty Hits New Record High With 5% Rise<\/title>\n<meta name=\"description\" content=\"The Bitcoin mining difficulty has witnessed another increase in 2023, bringing the metric to a new all-time high. 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Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.","sameAs":["https:\/\/www.linkedin.com\/in\/opeyemi-sule-027bb5227","https:\/\/x.com\/https:\/\/twitter.com\/fwOpeyemi"],"url":"https:\/\/wncen.com\/author\/oluwatosino\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Mining Difficulty Hits New Record High With 5% Rise","url":"http:\/\/wncen.com\/news\/bitcoin-mining-difficulty-hits-new-record-high-with-5-rise\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-mining-difficulty-hits-new-record-high-with-5-rise\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/iStock-1326202724.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/iStock-1326202724.jpeg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Opeyemi Sule"}],"creator":["Opeyemi Sule"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin mining","bitcoin network","bitcoin price","btc","btcusdt"],"dateCreated":"2023-11-26T19:00:49Z","datePublished":"2023-11-26T19:00:49Z","dateModified":"2024-06-11T07:15:55Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Mining Difficulty Hits New Record High With 5% Rise\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-mining-difficulty-hits-new-record-high-with-5-rise\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-mining-difficulty-hits-new-record-high-with-5-rise\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/iStock-1326202724.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/iStock-1326202724.jpeg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Opeyemi Sule\"}],\"creator\":[\"Opeyemi Sule\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin mining\",\"bitcoin network\",\"bitcoin price\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2023-11-26T19:00:49Z\",\"datePublished\":\"2023-11-26T19:00:49Z\",\"dateModified\":\"2024-06-11T07:15:55Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/iStock-1326202724.jpeg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/562538"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/590"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=562538"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/562538\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/559130"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=562538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=562538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=562538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}