Bitcoin set a new record for the level of difficulty of its extraction

The complexity of bitcoin mining continues to increase. The next calculation of this process showed that at the moment the difficulty of mining the main cryptocurrency of the world is 36.84 terahashes. This result was recorded on October 24. From the old mark of 35.6 terahashes, it increased by + 3.44%. The last calculation was made on October 10 and then its change was a record since May 13 of this year.

According to BTC.com, the average network hashrate is now 257.77 EH/s. Last time, the indicator updated the record and was equal to the value of 263.5 EH/s.

In addition, today the Bitcoin indicator is a weekly high and reached $20,787 at the peak, giving an increase of $1,300 per day.

What is hashrate? It is a unit of computing power in the bitcoin network. The complexity of mining depends on how much computing power crypto farms will work with and how quickly they can mine a new block in the blockchain. The hashrate changes every 2016 blocks received, or about 1-2 times a week. Thus, each block of bitcoin is mined by miners around the world in an average of 10 minutes.

Due to the dominance of the bear market in 2022, many crypto miners decided to end this activity and sold their farms, and the prices of video cards dropped significantly. Earlier, the head of US Global Investors, Frank Holmes, gave his forecast regarding the mass exit from the game of private miners. In his opinion, if the BTC rate continues to decline and reaches $12,000, then bitcoin mining will become as unprofitable as possible for miners and they will stop mining bitcoin.