Bitcoin Mining Difficulty Hits All-Time High
Date: 2023-12-24 Author: Dima Zakharov Categories: BLOCKCHAIN
Bitcoin Mining Difficulty Surges
Bitcoin, the pioneer of cryptocurrencies, has seen a remarkable surge in its mining difficulty. Following the latest adjustment, the mining difficulty has soared by a staggering 7%, reaching an unprecedented high of 72.01 T.
Data from BTC.com reveals that the average hashrate during the period since the previous adjustment stood at an impressive 512.55 EH/s. Moreover, the time interval between blocks has been reduced to less than 9.5 minutes.
According to Glassnode, the 7-day moving average hash rate reached 521 EH/s on December 22nd, only to climb further to an astonishing 533 EH/s at the time of this report.
Hashrate Index data reports that the hash price currently stands at $92 per PH.
Impact on the Mining Industry
This surge in mining difficulty comes after HIVE Digital Technologies made headlines by acquiring 7000 Antminer S21 units from the renowned Chinese manufacturer, Bitmain. Such developments indicate the growing demand and competition within the mining sector.
Kazakhstan's Tax Amendments
In a related development, starting from January 1, 2024, Kazakhstan is set to implement tax amendments aimed at alleviating the financial burden on mining enterprises. These changes signify the country's commitment to supporting the cryptocurrency mining industry.
As Bitcoin's mining difficulty continues to break records, the cryptocurrency community watches closely to see how these developments will shape the future of Bitcoin mining and the broader crypto ecosystem.
