The Bitcoin mining difficulty is at its highest level ever.

Experts say that these record developments in the Bitcoin network give positive signals for the future of the cryptocurrency market. However, considering the volatile nature of the market, investors are reminded to be cautious.

Bitcoin Mining Companies Struggling with Record Difficulty

The leading cryptocurrency Bitcoin has been experiencing remarkable developments in recent days. During the day, Bitcoin mining difficulty reached an all-time high with an unexpected increase. According to experts, the main reason for this increase is the rise in the average hash rate observed in the last week.

According to the data shared by Mempool, mining difficulty reached a value of 92.67 trillion at block 860,832. This figure surpassed the previous record of 90.67 trillion recorded in late July, indicating a 3.6% increase.

This difficulty adjustment, which is inherent in the Bitcoin protocol, is of critical importance for the security and stability of the network. The system aims to create a new block approximately every 10 minutes, regardless of changes in the number of miners. Therefore, it automatically adjusts the difficulty level approximately every two weeks.

On the other hand, the Bitcoin hash rate also broke a record. The value of 693.84 EH/s recorded on Sunday became the highest seven-day moving average ever seen. This development occurred after a short-term decline following the fourth halving event in April.

Miners faced significant income losses in the post-halving period. Daily earnings dropped from $72.4 million to the range of $25-30 million. This situation led to the withdrawal of inefficient miners from the market. In fact, the value of the hash rate dropped to its all-time low of $0.04 within this month.

However, the efforts of major American mining companies to increase their capacities and renew their equipment have led to a resurgence in the total hash rate of the network. These developments are also considered as an indicator of the consolidation process in the industry.

According to the latest data, Bitcoin is currently trading at $56,541. Although the cryptocurrency experienced a 1.4% loss in the last 24 hours, it has shown an impressive increase of 33.7% since the beginning of the year.