Mining Bitcoin is Now More Difficult Than Ever

So Bitcoin network difficulty and hash rate both are touching new heights. Despite Bitcoin having a lack luster year so far, the competition among the miners is on the continuous rise. Interestingly, Bitcoin price dipped by 7% in last seven days.

As per data from BTC.com Bitcoin network difficulty is currently at an all time high of 27.97 terra hash and is expected to rise even more by the next difficulty adjustment twelve days latter.

Bitcoin mining difficulty is a measure of how much computational power is required to mine the next block on the network. Bitcoin network auto adjust the difficulty depending upon how much computation power is vested into the network by miners and keeps the average block mining time at 10min.

Meanwhile, Bitcoin network hash rate is also naturally on the rise. Currently network hash rate is at 213.26M TH/s, a bit down from 12th February all time high of 248.11 Th/s.

The both key metrics on the rise, is an indicator of the increased believe in the coin by the miners as they continue investing more into the network making it even more secure.

Apart from the miners confidence, regional politics also greatly impact the Bitcoin mining. Last year China's blanket ban on crypto mining had sent network hash rate plunging down suddenly with network difficulty also reducing significantly. But Bitcoin network steadily recovered, as displaced Chinese miners resumed their mining operations into mining friendly territories. Countries like US, Canada and Kazakhstan have already seen significant rise in their global mining share due to their mining friendly policies.