The network () has recorded a new all-time mining difficulty high of 26.643 trillion with an average hash rate of 190.71 exahash per second (EH/s), indicating strong community support despite of a bear market.
- Bitcoin Network Difficulty Hits New All-Time High
The difficulty of the Bitcoin network is determined by global computing power, which correlates with the difficulty of confirming transactions and mining BTC. As data from blockchain.com shows, the difficulty of the network saw a drop between May and July 2021 due to various reasons, such as the general ban on cryptocurrency mining in China.
Bitcoin network difficulty. Source: Blockchain.com.
- Bitcoin Hash Rate Jumps to All-Time High and Jack Dorsey Confirms Block Mining System
However, as displaced miners resumed operations from other countries, the network difficulty saw a drastic recovery from August 2021. As a result, on Saturday, the Bitcoin network posted an all-time high of 26.643 billion.
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