Bitcoin Mining Difficulty Reaches New High With Recent Adjustment

According to BlockBeats, on November 19, data from CloverPool indicated a recent adjustment in Bitcoin mining difficulty at block height 870,912. This adjustment occurred at 4:42:12 UTC+8, resulting in a 0.63% increase, bringing the mining difficulty to a new record high of 102.29 T. This marks a continuation of the trend of increasing difficulty levels in Bitcoin mining. The adjustment reflects the ongoing changes in the Bitcoin network's computational power, which is measured by the average hash rate. Over the past seven days, the network's average hash rate has been approximately 738.3 EH/s. This increase in mining difficulty is a response to the rising hash rate, which signifies the growing computational power being dedicated to Bitcoin mining globally. These adjustments are part of the Bitcoin network's protocol, designed to maintain a consistent block production time of approximately 10 minutes. As more miners join the network and the hash rate increases, the difficulty level is adjusted to ensure that blocks are not produced too quickly. Conversely, if the hash rate decreases, the difficulty is lowered to maintain the block production rate. The continuous rise in mining difficulty underscores the competitive nature of Bitcoin mining, as miners invest in more advanced technology to increase their chances of successfully mining new blocks. This trend also highlights the increasing energy consumption associated with Bitcoin mining, which has been a topic of discussion and concern among environmentalists and industry stakeholders. Overall, the latest adjustment in Bitcoin mining difficulty reflects the dynamic and evolving nature of the cryptocurrency landscape, as miners and the network adapt to changing conditions and technological advancements.