Bitcoin mining complexity has updated its historical high

On Sunday, December 29, 2024, the difficulty of mining bitcoin BTC $97,698.46 Bitcoin 0.33% Market capitalization $1.93 trillion VOL. 24 hours $1.27 billion reached a new record high of 109.78 T, up 1.16% from the previous recalculation. The current average hashrate of the network is 718.77 EH/s.

The growing complexity of mining means that miners need more resources, such as more powerful computing hardware and more electricity, to find the right hash for a new block. This indicates an increase in miner activity.

The complexity of the Bitcoin network is adjusted automatically after every 2016 blocks (approximately every two weeks). The next one is expected on January 12, 2025.

This growth also brings the next bitcoin halving closer, the last of which took place on April 20, 2024.

As a reminder, bitcoin developers are preparing for a possible threat posed by quantum computers that can crack modern cryptographic security. The so-called «Q Day» envisages the emergence of machines that can crack the private keys of bitcoin wallets using the Shor algorithm, which poses a serious threat to the system.