Bitcoin mining difficulty adjusts over 13%, the highest since May 2021

The Bitcoin network has reached its all-time high in terms of hash rate, surpassing most projections. The network’s total hash rate currently stands at 240 EH/s and is expected to increase even further. Currently standing at 35 trillion, the mining difficulty will severely strain already stressed Bitcoin miners, further decreasing their revenue. The current hash rate represents a 3x increase from the network’s lows in July 2021 when a government ban triggered a miner exodus from China. The hash rate then dropped to a two-year low of around 89 EH/s. The increase in hash rate follows an equally sharp rise in mining difficulty. On Monday, Oct. 10, Bitcoin mining difficulty saw its sharpest adjustment this year, increasing by 13%.

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