While Bitcoin continued its horizontal movements at $ 28,000 after the fake ETF news, a new record came from BTC mining difficulty.
According to data released by BTC.com, Bitcoin mining difficulty has increased and reached an all-time high.
In this context, while Bitcoin mining difficulty reached 61.03 trillion hashes, it was seen that Bitcoin's hash rate also increased.
BTC hash rate also reached 465 EH/s. The hash rate currently stands at 442.86.
What is Bitcoin Mining Difficulty?
Bitcoin difficulty is an automatically adjusted feature that determines how difficult it is to mine a Bitcoin block.
The Bitcoin network's mining difficulty changes every 2,016 blocks and is automatically updated. The reason for this is to keep the average block production time at 10 minutes.
There is no close correlation between BTC price and Bitcoin mining difficulty and hash rate. The increase in difficulty in the Bitcoin network makes the network more secure and increases competition among miners.
The difficulty of mining Bitcoin usually increases when more miners come online, which increases competition. Miners are rewarded with Bitcoin for verifying transactions on the network. Their profitability largely depends on Bitcoin spot price and mining difficulty.
*This is not investment advice.