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Why has Bitcoin’s (BTC) mining difficulty just reached a new record?

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The Bitcoin (BTC) network has just made a new adjustment to the difficulty of mining. It is now more difficult than ever to produce a BTC. We take a look at why this is happening.

Bitcoin (BTC) mining difficulty reaches a new record

Yesterday, the Bitcoin (BTC) mining difficulty was adjusted upwards, taking +4.68%. This increase, which happens every fortnight, allows the network to adjust how hard it is to mine a block. And this time, the difficulty of mining reached an all-time high:

The progression of Bitcoin's mining difficulty over the past year

The progression of Bitcoin’s mining difficulty over the past year

This adjustment allows the same block production time to be maintained, regardless of the number of miners on the network, and the hashrate they produce. Higher mining difficulty also makes Bitcoin more secure: it makes a possible attack on the network more costly.

This increase in mining difficulty indicates that there is more hashrate being produced by miners, and therefore that miners are making a comeback after a particularly difficult 2022. The price of BTC, which has been rising since the beginning of the year, is allowing them to be profitable again. However, it is worth noting that the difficulty of mining has tended to rise historically, even when the price of BTC is experiencing long periods of low prices.

Bitcoin continues to rise

The world’s largest cryptocurrency has been in great shape in recent weeks. BTC broke through the symbolic $20,000 barrier mid-month, and yesterday reached $23,900:

BTC's surge since the beginning of January

BTC’s surge since the beginning of January

Over the month, the largest cryptocurrency is up +42%. This is a welcome respite after very sharp and successive falls throughout the year just ended. According to our analyst Tagado, the next resistance zone to be broken will be around $24,400 for BTC. Will it succeed? The return of miners supports a positive sentiment for the network, which needed it.

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