Bitcoin’s price is still stuck in a narrow range, but it has never been more difficult to mine the world’s largest crypto-asset than it is now. Its network fundamentals paint a decisively bullish picture.
According to data from BTC.com, the Bitcoin mining difficulty surged this week to 50.68 trillion, setting a fresh all-time high.
The latest difficulty adjustment occurred at block height 792,288, which added 3.4% on May 31st. This is the first time Bitcoin has recorded a difficulty level above the 50 trillion mark.
Further validating miner conviction and competition is the network hash rate, which is hovering near its all-time high of 400 EH/s.
Foundry USA led the pack contributing the most hash rate with a market share of 28.9%. Next up was Antpool with 22.6%, followed by F2Pool with commanding 14.1% dominance.
The surge is a welcome respite for the Bitcoin miners after suffering tremendously due to market turmoil last year.
The recent Ordinals craze, for instance, helped the min
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