đ„The mining difficulty of #Bitcoin increased by 3.6%, reaching an all-time high of 92.67 trillion at block 860,832.
To understand this, think of Bitcoin mining as a puzzle solving competition. The âdifficultyâ is the complexity of these puzzles. As more people solve the puzzles (more miners), the system automatically increases the difficulty to ensure that the rate at which new Bitcoins are created remains stable.
The Bitcoin system adjusts this difficulty every 2016 blocks (about 2 weeks), keeping the average time to find a new block at 10 minutes, regardless of how many miners are active.
As the difficulty increases, this means that miners need to use more powerful computers and consume more electricity to have a chance at mining Bitcoin. This would increase the cost of generating a Bitcoin
