Bitcoin Mining Difficulty Reaches Record High Amid Market Pressures
Bitcoin’s mining difficulty has surged to an all-time high of 48.71 trillion following a 1.72% increase at block height 786,240. Despite the broader market downturn and a recent decline in profitability, the Bitcoin network continues to demonstrate remarkable strength and security.
According to data from Blockchain.com, Bitcoin’s average hashrate also reached a new peak of 348.6 exahashes per second (EH/s), underscoring the rising computational power dedicated to securing the network.
63% Increase in Difficulty Over the Past Year
Over the past 12 months, Bitcoin’s mining difficulty has risen 63.54%, moving from 29.79T in April 2022 to its current record high. Only five adjustments in the past year have resulted in difficulty reductions, signaling sustained growth in mining participation.
The difficulty metric adjusts approximately every two weeks, or every 2,016 blocks, ensuring that block times remain close to the 10-minute target. This mechanism maintains the Bitcoin network’s consistency and prevents block generation from accelerating during periods of high mining activity.
Bitcoin Price and Profitability Decline
As of the latest data, Bitcoin (BTC) trades around $28,284, marking a 1.94% drop in the last 24 hours and a 7.83% decline over the past week, according to CoinMarketCap. Despite the recent dip, BTC remains up more than 70% year-to-date.
However, Bitcoin mining profitability has plummeted. Data from BitInfoCharts shows that miners currently earn just $0.0646 per terahash per second, down sharply from $0.20 a year ago.
Network Security Strengthens
The increasing mining difficulty is a direct reflection of the network’s growing resilience. As more computational power is required to validate blocks, potential attackers would face exponentially greater costs and complexity to compromise the system.
This makes Bitcoin’s blockchain one of the most secure decentralized networks in existence, with mining participation remaining robust despite reduced margins.
Bitdeer Reports Losses Amid Industry Challenges
Singapore-based mining company Bitdeer Technologies reported a net loss of $60.4 million for 2022, compared with a net profit of $82.6 million in 2021. The firm’s revenue fell 15.6% to $333.3 million, driven by lower income from mining operations and equipment sales.
Bitdeer, a former Bitmain subsidiary, operates six mining centers in the U.S. and Norway with a combined capacity of 775 megawatts. CEO Linghui Kong stated that despite volatility and industry headwinds, the company remains resilient and plans to expand its electricity capacity to 1,524 megawatts in the future.
Bitcoin’s Resilience Amid Market Uncertainty
The latest difficulty milestone demonstrates Bitcoin’s enduring appeal to miners even as profitability narrows. The network’s expanding hashrate and global participation highlight continued confidence in Bitcoin’s long-term fundamentals — reinforcing its position as the most secure and decentralized blockchain in the world.
