Dear Bitruers,
Today, we are excited to share a new article about Bitcoin Mining Difficulty!. Be sure to follow Bitrue's Official Twitter and Telegram to stay updated!
Introduction
In a significant shift in Bitcoin mining dynamics, the mining difficulty has soared to unprecedented heights, reaching a staggering 72.01 trillion. This surge, marking a 6.98% increase, stands as the most substantial uptick in nine months, revolutionizing the process of block reward discovery.
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Hashrate hits all-time high amid technological advancements
The parallel surge in hashrate, setting an all-time high on December 24, echoes this technological shift. Luxor’s hashrateindex.com revealed a seven-day simple moving average of BTC’s hashrate peaking at 538 exahash per second (EH/s) on December 24. This peak followed an earlier historic milestone of 527 EH/s on December 20. Notably, major mining pools like Foundry USA and Antpool command significant shares, accounting for 59.25% of Bitcoin’s total hashrate.
Technological advancements and investment surge
This spike in hashrate coincides with a substantial expansion in Bitcoin mining operations facilitated by the unveiling of next-gen mining rigs by leading ASIC manufacturers in 2023. The implementation of these advanced machines has significantly boosted efficiency in joules per terahash, amplifying mining entities' capacities.
Publicly listed mining companies have shown confidence in this technological shift, investing a staggering $600 million in new machinery in December alone, totaling $1.3 billion throughout the year in ASIC acquisitions. These investments underscore the industry's commitment to innovation and competitiveness.
Navigating the evolving landscape
As the countdown to the halving event continues and mining difficulty reaches new thresholds, the Bitcoin mining community demonstrates its resilience by staying at the forefront of technological innovation. The sector’s commitment to strategic investments in cutting-edge equipment reflects its adaptability to the evolving landscape, ensuring continued efficiency and profitability in cryptocurrency mining.
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