Bitcoin difficulty has reached a new all-time high as the network becomes stronger. This record in difficulty comes after almost a month in which the difficulty continued to drop. Network difficulty is also 100% higher than in early August 2021. This shows that there continues to be a large number of interested investors in mining Bitcoin and protecting the network.
Bitcoin Difficulty Hits New All-Time Highs
The Bitcoin network difficulty has reached a new record of 28.587t after being below 14t in August 2021. New miners and Bitcoin investors continue to turn their mining rigs on as they want to be rewarded with BTC.
Network difficulty is correlated to the hash rate of the Bitcoin network. The higher the hash rate, the higher the Bitcoin network’s difficulty. That means that it becomes also more difficult to attack the Bitcoin network over time.
When it comes to Bitcoin’s total hash rate, we see that it is not yet reaching all-time highs, but it is quite close. At the time of writing, Bitcoin’s hash rate is at 201m TH/s, as reported by Blockchain.com. The larger the hash rate, the more secure the network becomes.
It is also worth taking into consideration that there is just 2 million Bitcoin left to be mined. Indeed, the Bitcoin network has a total supply of 19 million and the remaining 2 million BTC will be mined by the year 2140.
At the moment, the block reward is equal to 6.25 BTC, but in 2024 it is expected to be 3.125 BTC. This shows that the Bitcoin network is becoming more and more competitive each year and miners want to be there, ready to mine each Bitcoin they are able.
Alex Gladstein, Human Rights Foundation’s chief strategy officer, said that it is surprising that there are just 2 million Bitcoin left to be mined and that we are only at the very dawn of the nation-state adoption.
About it, Alex Gladstein mentioned:
“Truly amazing that 19 million of a total of 21 million Bitcoin have been issued and globally distributed and yet we are only at the very dawn of nation-state adoption.”
It is just a matter of time to see how the market is going to react to the increasingly harder to get Bitcoin in the coming years. With a new halving expected to take place in the next two years, we could see an accelerated demand for BTC.