Bitcoin Mining Difficulty Hits Record 72 Trillion Amid Hashrate Surge and $600M Spent on ASICs in December

On Dec. 23, 2023, Bitcoin’s mining trouble soared to a grounds level astatine artifact tallness 822,528. The trouble surged by 6.98%, marking the astir important escalation successful 9 months, since March 23. This increment acceptable a caller precedent, making the find of artifact rewards much arduous than ever with a trouble hitting an unprecedented 72.01 trillion.

Bitcoin’s Mining Difficulty Soars to Historic 72 Trillion

The ascent successful mining trouble signifies a sizeable leap, climbing from 67.30 trillion to a strenuous 72.01 trillion. This metric of Bitcoin’s mining trouble is defined by a circumstantial people hash worth that miners aspire to attain.

Essentially, with a trouble level of 72 trillion, miners are tasked with generating a hash worth beneath this threshold to successfully excavation a caller block. Post this 6.98% rise, it’s anticipated that the adjacent trouble accommodation volition beryllium astir Jan. 5, 2024.

Coinciding with the spike successful difficulty, the network’s hashrate has reached caller zeniths, achieving an all-time precocious connected Dec. 24, 2023. Data from Luxor’s hashrateindex.com reveals that the seven-day elemental moving mean (SMA) of BTC’s hashrate has deed 538 exahash per 2nd (EH/s).

This record-breaking fig was achieved soon aft the web reported a historical 527 EH/s highest connected December 20. As of December 24, astir 50 mining pools are contributing SHA256 hashrate to the BTC network, with Foundry USA astatine the forefront, commanding 32.30% oregon 173.55 EH/s of the full hashrate.

Antpool is not acold behind, contributing 26.95% oregon 144.81 EH/s. Collectively, these 2 pools dominate, holding 59.25% of Bitcoin’s aggregate hashrate implicit the preceding 3 days. Currently, conscionable a hairsbreadth implicit 17,000 blocks stay until the anticipated halving event, projected to hap astir the extremity of March oregon the opening of April 2024.

This surge successful hashrate aligns with the important enlargement successful bitcoin mining operations. Throughout 2023, the starring 3 application-specific integrated circuit (ASIC) manufacturers unveiled their latest next-generation mining rigs. Mining entities person aggressively incorporated these caller machines into their operations, substantially boosting efficiency, peculiarly successful joules per terahash.

The Financial Times reports a notable concern surge with publically listed mining companies expending $600 cardinal connected caller machinery successful December, and a full of $1.3 cardinal connected ASIC acquisitions implicit the year, according to The Miner Mag.

What bash you deliberation astir the network’s trouble skyrocketing to a caller peak? Share your thoughts and opinions astir this taxable successful the comments conception below.