Bitcoin Mining Difficulty Hits Record High Months After Halving

According to data from BTC.com, the mining difficulty of Bitcoin is at an all-time high, two months after the king coin’s halving.

At exactly 12:50 UTC today, the Bitcoin mining difficulty hit 17.35 trillion. Compared to the last report on June 30, it represents a 9.89% increase from 15.78 trillion.

Mining difficulty is a unit of measurement for how difficult it is to mine one block of Bitcoin. Historically, the difficulty increases in the weeks leading up to a halving as mining activities increase. After the halving, as these activities decrease, the difficulty drops. However, since the last halving on May 11, the mining difficulty has been increasing.

According to Dmitrii Ushakov, BitRiver’s Chief Commercial Officer, “the increase in the network difficulty during the rainy season in Sichuan has happened every year for a few years now.”

Ushakov also noted that the increased difficulty could be as a result of China’s recovery from the pandemic. A majority of Bitcoin’s mining power (about 65%) is in China.

Increased difficulty means increased expenses. The CEO of BTC.TOP recommended that older-generation devices can increase profit margin since they consume less power. It is partly why many mining farms still use them in Southwestern China.