Bitcoin: new absolute record for mining difficulty

The last adjustment to Bitcoin mining difficulty took place on Sunday, September 20. This is a significant increase: it progresses by more than 11%, one of the records of the year.

New record for Bitcoin: all time high of difficulty

As we can see from the Blockchain.com charts , Crypto Profit mining difficulty is now over 19,148 teras . It has never been so high: the previous record was set in July of this year.

As a reminder, the mining difficulty is adjusted every 2096 blocks (approximately two weeks). It varies depending on the target , the number of zeros that must include the hash of a mined block to be valid. When it increases, it means that there are more miners on the network.

The hashrate (hash rate, number of operations per second performed by bitcoin miners) has also increased.

It is currently 135 exahashes per second , a value close to the September 17 record of 153 pe / s .

An increasingly attractive mining industry

This data bodes well : Bitcoin attracts miners. Those who were forced to unplug their machines by flooding in China’s Sichuan Province are back. And newcomers are entering the competition.

The uptrend in the price of BTC , intact since the rebound in March, makes Bitcoin attractive to industrial miners. Some will likely take a profit in the days or weeks to come. And there are many who bet on a continuation of the price rise, and invest heavily in equipment.

We can quote for example the Minister of Digital Development and Innovation of Kazakhstan , Askar Zhumagaliyev. The latter is leading a $ 700 million investment project to mine bitcoin. Similarly, the oil group Equinor is mining by exploiting its surplus gas . Finally, the Digital Currency Group, parent company of the Grayscale fund, will invest more than $ 100 million by 2021 in this industry.

This data is great news for the health of the Bitcoin network. The famous death spiral, announced before the halving , was indeed a fantasy !