Bitcoin Mining Difficulty Soars to Record High of 126.98 TH

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

At the beginning of the month, this figure had declined from its previous peak of 123.23 TH, dropping by 3.34%. However, after two weeks, there was a recovery increase of 2.12%, bringing it back to 121.66 TH.

According to data from Glassnode, the hash rate (7-day moving average) stands at 919.3 EH/s. This figure is still below both the all-time high of 925.4 EH/s achieved on April 8 and the May peak of 925.3 EH/s.

Data from Hashrate Index indicates that the increase in mining difficulty has pressured the hash price, causing it to decrease from around $57 per PH/s per day to approximately $52.

This roughly 9% decline signifies a return in mining profitability to levels seen at the start of May, before Bitcoin’s rally above $100,000 to new highs.

At the time of writing, the price of the first cryptocurrency has dipped below $104,000, adding further strain on mining profitability. Previously, the divergence between hash rate dynamics and Bitcoin’s price raised concerns among some members of the community about the network’s long-term sustainability. Others viewed this trend as a sign of strong underlying factors for the digital asset.

It’s worth noting that Bitmain recently unveiled its flagship Antminer S23 Hydro, part of the latest series of Bitcoin miners, boasting an energy efficiency of 9.5 J/TH.