Mining Difficulty Of Bitcoin Rises Over 36.95 T, Bitcoin Is Now Hard To Get

The mining difficulty of Bitcoin (BTC) has recently achieved a record-high figure. November 21, 2022, hashrate data shows it is hit a new record.

Bitcoin difficulty is considered one of the most critical indicators when it comes to gauging the performance of the Bitcoin network.

Mining Difficulty Rose Over 36.95 T

On November 21, the mining rate for Bitcoin reached a really high figure, causing its mining difficulty to hit a new historical high.

The public trackers provided information on the difficulty of mining Bitcoin. They confirmed that on November 21, 2022, the mining difficulty experienced a 0.51% positive adjustment.

Following the adjustment, the overall mining difficulty on a particular day rose to 36,950,494,067,222. This is the highest figure that has been hit in the history of Bitcoin mining difficulty.

Smallest Adjustment Recorded for Bitcoin Mining

In the past 10 months, it is the smallest positive adjustment has been recorded in terms of Bitcoin mining. The adjustment of the mining difficulty of Bitcoin takes place every two weeks.

This way, the block time for Bitcoin is kept at a stable level, which is around 10 minutes.

Bitcoin Mining Difficulty in 2021

Just a year back, the overall mining difficulty of Bitcoin stood at 22.5 T. The hashrate for Bitcoin is also increasing enormously.

The report shows that on November 12, 2022, the hashrate for Bitcoin rose over 298 Ehash/s. At that time of writing, the hashrate is at 274 Ehash/s.

Although the current hashrate is lower than the November 12 data it has surged 4% in the past 24 hours.

Bitcoin Price is below $16,000

Most of the time, when a cryptocurrency experiences a demise in its value and hits the bottom, the miners tend to stop mining Bitcoin.

Only a handful of major crypto miners with high capital are able to continue with their operations as they can afford the process.

On the other hand, most of the mining firms stop mining because it becomes an investment that does not bring in many profits.

Even now when the trading price of Bitcoin has fallen below $16,000, many thought the same trend would be witnessed.

However, the miners have continued mining and they have even increased their mining efforts. From the looks of it, none of the miners have abandoned their mining operations.

They are increasing their mining equipment in order to mine as much Bitcoin as possible. This way, the miners are increasing their chances of mining Bitcoin and creating more BTC scarcity in the market.

If this continues to happen, then the trading price of BTC would experience a great boost in the upcoming days.

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