Bitcoin Mining Difficulty Sets New All-Time High

Bitcoin Mining Difficulty Sets New All-Time High
Mining difficulty on the Bitcoin network increased by 9.32% and hit an all-time high of 26.64 trillion on Jan. 21, at 3:07 UTC, beating the previous record set on May 13, 2021.The difficulty is automatically adjusted based the amount of computational power on the network, or hashrate, to keep the time it takes to mine a block roughly stable at 10 minutes. The higher the hashrate, the higher the difficulty, and vice versa.On May 13, 2021, bitcoin’s mining difficulty hit a record 25.04 trillion, as primarily Chinese and North American miners deployed their machines.The difficulty started dropping later in May…