Bitcoin mining difficulty hits all-time high as BTC miner selling peaks

Cointelegraph

Published Jul 12, 2023 12:59PM ET

Updated Jul 12, 2023 10:20PM ET

Bitcoin mining difficulty reached an all-time high of 53.91 trillion units after the latest difficulty adjustment on July 12. It is a measure of how difficult it is to mine Bitcoin (BTC) blocks.

The blockchain adjusts its difficulty every two weeks to maintain its processing time of 10 minutes. When the network’s processing power increases, it adjusts to make mining challenging, reducing the profitability for individual miners.

BTC/USD daily price chart with the hash ribbon indicator. Source: TradingView
Monthly updates on Bitcoin sold by public miners in 2022. Source: K33 Research
30-day cumulative volumes of BTC transferred from miners to exchanges. Source: Bitcoin Magazine
One-hop supply of miners. Source: Coin Metrics

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