Bitcoin mining difficulty increased significantly and reached a new record high after months of relatively slow growth.
The Bitcoin network will adjust itself as usual once every 14 days to make the process more complicated.
The data shows that bitcoin mining difficulty was revised down to 23.14 trillion on Friday at 2:00 UTC, which is a 5.82% jump compared to what was recorded on March 20.
The latest revision is the largest in percentage terms since January 9, 2021, indicating an increase in miners and mining hardware.
As these indications indicate that there is an increase in the number of those coming to the mining process.
The average 14-day hash rate on the Bitcoin network increased from 156 EH / s on March 20 to what is now 165 EH / s.
This means that all miners who secure the Bitcoin network are working 165 million trillion times on average per second to calculate the correct answer to mine a new block.
The newly added 9 EH / s of computing power over the past two weeks equates to nearly 90,000 units of the latest generation Bitcoin mining equipment, such as the Bitmain AntMiner S19 Pro.
It is worth noting that the price of bitcoin mining equipment has increased dramatically, and the new ones have reached up to five times the pre-order price recorded in November 2020 due to the increased level of demand and lack of supply.
A new device like the “AntMiner S19” can fluctuate in price and fluctuate up to $ 10,000!
In February miners enjoyed the slow growth in bitcoin mining difficulty, which was largely lagged by the bitcoin price hike due to a shortage of newly manufactured mining hardware and delayed delivery.
Many observers of the bitcoin mining industry predict that the overall hash rate will increase significantly around the second quarter as more pre-orders for miners that have been ordered start arriving in the late 2020s.