In accordance with the data provided by a leading market aggregator, Bitcoin mining difficulty has recently touched a new all-time high above 25 trillion. This has been recorded as the biggest increase in the difficulty in extracting the leading cryptocurrency in three years.
The recent high of 25.05 trillion in Bitcoin mining difficulty represents a 21.53% surge since the last readjustment on May 1, when the difficulty fell by 12.6%, recording the largest downward correction in the network of Bitcoin since the beginning of this year.
Bitcoin mining difficulty can be considered as a relative measure of computational resources that are required to generate new coins.
This value is affected after every 2016 blocks or roughly after every 14 days, wherein the value either decreases or increases, depending on how quickly the previous 2016 blocks were found.
Generally, the average block production interval is intended to be 10 minutes, however, since the last readjustment procedure, it has been considerably faster, somewhere about just 8.25 minutes.
This clearly means that the growing competition among miners as more hash rate or the combined computational power used to mine and process the dealings is being sent to the network.
Before declining slightly in the past few days, the hash rate of the network of Bitcoin managed to hit a new all-time high earlier this week above 178 EH/s.
The recent increase in the mining difficulty is certainly going to affect the revenues of the miners as there is fierce competition and also, the price of Bitcoin has fallen below $50K.
However, there is a piece of good news for average users, the faster block production interval has already helped to clear out the mempool.