Bitcoin’s mining difficulty level rose 7.56% on Friday, hitting an all-time high along with the network’s hashrate, showing miners are applying more computing power. The difficulty changes roughly every two weeks, and is a measure of how much computing power is required for mining bitcoin blocks to be rewarded with Bitcoins.
See related article: Bitcoin rebounds above US$28,000 as equities gain in U.S. on Treasury easing bank worries
Fast facts
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The mining difficulty reading came in at 46.84 trillion at block height 782,208 in Friday’s adjustment, following a 1.16% rise in the previous adjustment on March 11, according to data from BTC.com.
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Bitcoin’s hashrate, a measure of computational power used by miners, was at around 395.15 exahashes per second on Thursday, reaching an all-time high, BTC.com data showed.
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Bitcoin’s price climbed 3% over the last 24 hours to trade at US$28,197 at around noon in Hong Kong, an increase of 9.31% over the past seven days, according to data from CoinMarketCap. The largest coin by market capitalization traded at US$20,792 on March 11.
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The profitability rate of Bitcoin mining stood at US$0.0861 per terahash per second in the past 24 hours, down from US$0.19 from a year ago, data from BitInfoCharts showed.
See related article: Biden administration proposes 30% crypto mining tax, closing wash-trading loopholes
