As per data from Globalpool, CryptoSlate reported that Bitcoin mining difficulty has increased by 40% this year. On July 16, mining difficulty reached 108.52 trillion, setting a new all-time high by 4.43% from the previous record. This surge in difficulty highlights the growing competitiveness of Bitcoin mining as more miners join the network in search of rewards. As the number of miners increases, so does the computational power dedicated to solving complex mathematical puzzles required to mine Bitcoin. This, in turn, leads to an increase in mining difficulty, making it more challenging and energy-intensive to mine Bitcoin. The rising difficulty is a reflection of the increasing popularity and adoption of Bitcoin, as well as the influx of new miners entering the market. As the value of Bitcoin continues to rise, it attracts more miners who are eager to participate in the mining process and earn rewards. However, the increasing difficulty also raises concerns about the sustainability of Bitcoin mining, particularly in terms of energy consumption. As mining becomes more difficult, it requires more specialized and energy-efficient hardware, which can contribute to higher electricity usage. Overall, the surge in Bitcoin mining difficulty is a testament to the growing interest and adoption of the cryptocurrency. However, it also emphasizes the need for sustainable and energy-efficient mining practices to ensure the long-term viability of Bitcoin mining.

#BTC