Miners on the Bitcoin network are facing the highest difficulty they ever have to generate new blocks, data shows.Network difficulty has surged to an all-time high amidst massive interest in the crypto space. However, it also means retail miners, hobbyists, and small-scale firms have to concede hashpower to the larger mining corporations, at least until the next adjustment when difficulty pares down.Bitcoin difficulty shoots upData from on-chain analytics firm Glassnode shows the difficulty of mining a single Bitcoin block ramped up by over 3.6% today, a new all-time high (ATH) for the Bitcoin network. The jump was not the biggest, however, but it brings the network to a record high of 17.56 trillion (T). The previous high was in July this year.
#Bitcoin mining difficulty increased by 3.6% and is at an all-time high.
Chart: https://t.co/unDzaUVC17 pic.twitter.com/A00CuQvOJH
— glassnode (@glassnode) August 24, 2020
Mining difficulty is adjusted every two weeks, and can either surge upwards or pare back down. This is because of Bitcoin’s inherent structure, that keeps miners in check by checking the speed of block generation, i.e. if they are being miner too fast or too slow.Upward adjustments mean a proportional increase in the network’s hashing power — or the amount of available power on the Bitcoin network.