Bitcoin mining difficulty has reached a new all-time high

While BTC price has retreated from recent Monday highs, the fundamentals of the network continue to improve, as evidenced by the mining difficulty.

A measure of how hard they have to work to extract ore has reached a record high of 95.67T.

The mining problem is incorporated into the world's largest blockchain as a self-adjusting mechanism to ensure a stable production of new BTC. It happens every 2,016 blocks (roughly two weeks) and makes it harder or easier for miners to do their jobs.

If there are more miners working on the blockchain, the problem will increase and vice versa. The recent increase to a new all-time high shows that more and more miners are putting their computing devices to work, resulting in a stronger and better performing network.

The benchmark hit a July 2024 low of 79T but has since risen roughly 20% to its current level. Moreover, it is up 55% on 61T since last October.

Another metric that shows the overall stability of the larger blockchain, Bitcoin's hash rate has been increasing lately. In fact, it has set a new all-time high charge of over 900 EH/s.

However, it has lost some speed and is now down to 730EH/s. Although this slight drop has been in the past few days, the hash rate has increased by 70% since this time last year.

BTC price action has faced a similar retracement since Monday. As reported at the time, Bitcoin hit a high of $69,500 but has fallen by three grand and now sits around $66,500.