Bitcoin mining difficulty is now at an all-time high as it surged by 13.55% from the previous measure of two weeks back. Currently, 35.6 trillion hashes are required to mine one Bitcoin.
In the first week of September, 30.97 trillion hashes were required to mine one BTC. As many as 257 million terra hashes per second (TH/s) is the current network hash rate while a year back in the same month it was around 140 million TH/s.
Bitcoin Mining Difficulty At All-Time High
Part of the Bitcoin code includes a so-called difficulty adjustment every 2,016 blocks (about every two weeks). The size and direction of the adjustment depend on the total computing power mining bitcoin, and its purpose is to keep block confirmations coming about every 10 minutes, according to CoinDesk.
35.6 Trillion Hashes Required To Mine One BTC
The difficulty is putting an additional squeeze on miners. Higher energy prices and decreasing value of Bitcoin were already their major challenges.
Energy Prices And Bitcoin Value Major Challenges For Miners
In an effort to ease the liquidity pressures, Argo Blockchain (ARBK), a London-based miner, had to raise $27 million. While due to worsening conditions, Compute North -- a mining data center provider -- filed for bankruptcy.
Argo Blockchain Confirms Profitability of Miners Squeezing
Peter Wall, Argo Blockchain CEO, confirmed that the profitability of miners are squeezing due to multiple reasons. "Our profitability has been squeezed from both sides from higher energy prices to lower bitcoin price, that's resulted in a cash crunch for Argo."
Bitcoin Trading At $19,200
Bitcoin is currently trading close to $19,000. For the past few months, the values of all cryptos have fallen drastically, which led to the closure and bankruptcy of some companies. Earlier this year in January, it was trading at around $47,000.