Bitcoin mining complexity breaks another record

Over the past two weeks, the difficulty of mining bitcoin (BTC) has increased by 9.9% and reached a new all-time high.

Mining difficulty shows how difficult it is to perform a mathematical calculation to find a new block and receive a reward for it. This metric is extremely important for bitcoin miners as it determines how much hardware and power to use to ensure better profitability. Mining difficulty also helps to control the rate of new coin issuance.

According to BTC.com, on February 25, the complexity of bitcoin mining rose to 43.05 trillion, the third record since the beginning of 2023.

The network hashrate refers to the total computing power of mining equipment involved in the bitcoin mining process. The growth of the hashrate means that new participants have joined cryptocurrency mining.

It follows that:

• the higher the hashrate, the more equipment is involved in coin mining and the less time it takes to find a block
• the lower the hashrate, the more time is spent on coin mining

According to BTC.com, the network’s hashrate has averaged 308.09 EH/s since the beginning of 2023, and last week it exceeded 330 EH/s. The increase in mining complexity and hashrate means that bitcoin mining has become profitable again and has influenced miners' decisions to return to work.