Bitcoin mining difficulty approaches all-time high... hashing rate surges, but fees remain stagnant
Summary
- It was reported that Bitcoin mining difficulty is expected to soon reach an all-time high.
- Although the hash rate has surged over the past two weeks, it was stated that on-chain transaction fees remain low.
- It was mentioned that continued investment in mining infrastructure indicates solid long-term confidence in Bitcoin.
The mining difficulty of the Bitcoin (BTC) network is expected to soon break its all-time high. Recent analyses indicate that while the hash rate has surged over the past two weeks, on-chain transaction fees are still staying at low levels.
According to CoinDesk, a cryptocurrency-focused media outlet, on the 30th (local time), the Bitcoin mining difficulty is anticipated to reach 126.95T—about a 4% increase—in the adjustment process within the next 100 blocks. This figure surpasses the previous record high of 123T. The difficulty began the year at the 109T level and has continued its steady upward trend.
This increase is reported to be linked to the recent rapid rise in mining hash rate. According to Glassnode, Bitcoin's seven-day average hash rate climbed from 840EH/s two weeks ago to 918EH/s recently, approaching last year's peak of 925EH/s.
The media noted, "Although mining performance is rising, on-chain fees remain notably low," adding, "Even in the phase of stagnant user activity, investments in mining infrastructure continue. This suggests that long-term trust in Bitcoin remains strong."
Meanwhile, hash rate refers to the total computing power dedicated across the entire network to mine Bitcoin. The mining difficulty is automatically adjusted every 2,016 blocks based on this metric.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
