The mining difficulty on the Bitcoin network recently hit a new all-time high and according to some, could mean miners are investing their profits into more equipment, betting on BTC.
Data from BTC.com, says that the mining difficulty recently increased by 11.26% to reach a high 7.46 trillion, above the previous record made in October of last year, when the difficulty rose to 7.45 trillion. Similarly, the cryptocurrency’s hashrate has been growing steadily, and is now at over 53 EH/s.
According to CoinMetrics, the data seems to show that cryptocurrency miners are reinvesting their margins into more mining equipment.
The ‘difficulty adjustment’ records as the highest one since December of last year, when the Bitcoin network saw difficulty increase by little over 10%. Bitcoin mining difficulty is adjusted every 2,016 blocks which is roughly every two weeks – to ensure the rate at which new blocks are created remains constant at 10 minutes per block.
The next difficulty adjustment is expected to bring the network to a new all-time high at 8.25 trillion.