Bitcoin Mining Difficulty Exceeds 50 tn
Bitcoin’s price is still stuck in a narrow range, but mining the world’s largest crypto-asset has never been more difficult. Its network fundamentals paint an unmistakably positive picture.
According to BTC.com, the Bitcoin mining difficulty increased this week to 50.68 trillion, a new all-time high.
The most recent difficulty adjustment occurred on May 31st at block height 792,288, which added 3.4%. This is the first time Bitcoin’s difficulty level has surpassed 50 trillion.
The network hash rate, which is close to its all-time high of 400 EH/s, validates miner conviction and competition even more.
With a market share of 28.9%, Foundry USA led the pack in terms of hash rate contribution. Antpool came in second with 22.6%, followed by F2Pool with a commanding 14.1% lead.
After suffering greatly as a result of market turmoil last year, the surge is a welcome relief for Bitcoin miners.
The recent Ordinals craze, for example, aided network miners by increasing transaction fees.
(With inputs from Shikha Singh)
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