Bitcoin Mining Difficulty Hits Record High of 126.98 TH

As a result of a recent recalculation, the difficulty of mining the first cryptocurrency has risen by 4.38%, reaching a record high of 126.98 TH.

At the beginning of the month, this metric had declined from its previous peak of 123.23 TH, dipping by 3.34%. However, two weeks later, a recovery took place, with an increase of 2.12% to reach 121.66 TH.

According to Glassnode, the hash rate (7-day moving average) currently stands at 919.3 EH/s. This number is still lower than both the all-time high reached on April 8 at 925.4 EH/s and the peak in May, which was at 925.3 EH/s.

Data from Hashrate Index indicates that the increase in difficulty has pushed the hashprice down from approximately $57 per PH/s per day to around $52.

This decrease of about 9% means a return of mining profitability to levels seen in early May, just before Bitcoin surged above $100,000 to set new highs.

At the time of writing, the value of the first cryptocurrency has fallen below $104,000, adding further strain on mining profitability. Previously, the discrepancy between hash rate dynamics and Bitcoin’s price raised concerns about the long-term stability of the network among some community members, while others viewed the trend as a sign of robust underlying factors for digital gold.

Additionally, it’s worth noting that Bitmain recently unveiled its flagship model from the latest series of Bitcoin miners, the Antminer S23 Hydro, which boasts an energy efficiency of 9.5 J/TH.