Reported by Cointelegraph, Bitcoin mining difficulty reached a new historical high of 83.95 trillion hashes on March 14.
The new difficulty high was set on the same day as a new all-time-high Bitcoin price of $73,835 amid increased investor sentiment ahead of the April Bitcoin halving.
Mining difficulty is a measure of how difficult it is to “mine” Bitcoin by solving cryptographic puzzles that increase or decrease in challenge based on the number of miners on the network.
Bitcoin reached the new difficulty high of 83.95 trillion hashes, up 5.8% from the previous measurement of 79.35 trillion, on Feb. 29. It was set at a rate of 613.94 exahashes per second (EH/s), up 1.96% over last cycle’s 602.14 EH/s.
Mining difficulty surpassed 80 trillion just shy of a month ago on Feb. 15 before dipping again at the Feb. 29 update. According to projections from BTC.com, the difficulty is expected to increase slightly to 84.17 trillion at the next difficulty check set for March 27.
Meanwhile, Bitcoin price action has continued its upper momentum, and miners are benefiting. Mining rewards spiked to $78.89 million on March 11, surpassing the previous rewards high of $74.4 million set in October 2021. This occurred as Bitcoin hit $72,953 on March 12 before retreating back to $69,655.
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