Bitcoin mining difficulty has reached a record 92 trillion

Bitcoin mining difficulty hit a new all-time high of 92.67 trillion on September 11th. This represents an increase of 3.04% in the last 24 hours and continues an upward trajectory in the mining competition.

ONLY IN: #Bitcoin mining difficulty has reached a NEW ALL-TIME HIGH 🚀 pic.twitter.com/vhq0ClEXRW

— Bitcoin Magazine (@BitcoinMagazine) September 11, 2024

The Bitcoin difficulty chart shows historical increases and decreases in mining difficulty over time. It measures how hard it is for miners to find a valid hash for the next block. Higher difficulty requires more computing power to mine the new Bitcoin.

When combined with Bitcoin’s price, difficulty helps determine miners’ profitability and return on investment. The value increased in 2024 amid massive growth in the global hash rate and adoption of Bitcoin.

The increasing difficulty shows intense competition on the Bitcoin network as more miners vie for limited block rewards. This is generally constructive for network security and decentralization.

Despite this year’s rough market conditions, the increase in difficulty displays unprecedented demand for Bitcoin block rewards. It highlights the incredible security provided by the collective computing power of miners around the world.

The difficulty adjustment algorithm built into the Bitcoin code dictates the pace of change in the mining competition. It is programmed to find blocks approximately every 10 minutes, maintaining a constant influx of new Bitcoin over time.

This predictable Bitcoin issuance schedule makes the rate of inflation easy to model and attracts investors compared to fiat currencies subject to central bank policies.