Bitcoin’s mining difficulty reached an all-time high on October 10, which means it’s more difficult than ever before to mine the leading crypto asset.
Bitcoin Mining Difficulty Surges to an All-Time High, Network Prints 2022's Largest Retarget Increase
Following the difficulty reduction on September 27, the network’s mining difficulty increased 13.55% higher at block height 758,016 as it printed the highest difficulty rise recorded this year. It’s Now 13.55% More Difficult to Discover a Bitcoin Block Reward, as Network’s Mining Difficulty Reaches an All-Time High at 35.61 Trillionwhen it tapped 321.15 exahash per second at block height 757,214. While the hashrate has been a whole lot higher, the speed at which blocks are found has been less than ten minutes per interval. When blocks are mined faster than usual, after 2,016 blocks are mined, the network’s difficulty adjustment retargets with increased difficulty.
With bitcoin prices so low, the network’s mining pools are making less money amid the highest difficulty rating recorded in over 13 years. Prior to the latest change, mining revenue per petahash per second was around and today it’s now $70 per PH/s. At $0.12 per kilowatt hour , only three mining rig models are profitable and at $0.07 per kWh in electrical costs, roughly 35 mining rig models are profiting today.
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Bitcoin Mining Difficulty Surges to All-Time High, Putting Additional Squeeze on MinersThere's more pressure on the troubled bitcoin mining industry thanks to a huge 13.55% jump in mining difficulty to a new all-time high. The price of bitcoin, meanwhile, continues to languish just above $19K. Reporting by oknightcrypto
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