Bitcoin price performance might currently be leaving a bitter taste in the mouth of many crypto enthusiasts, but available data has shown that that has not reduced the level of competition amongst miners.
Bitcoin mining difficulty keeps rising
According to data from CoinWarz, Bitcoin’s mining difficulty reached a new ATH of 27.97 trillion earlier today. Interestingly, this is the second time this year that the network has seen its mining difficulty rise to new highs.
In simple terms, mining difficulty suggests the level of competition among miners on the network. An increased difficulty means that miners are competing highly amongst themselves to confirm or validate block transactions for rewards.
Earlier this week, we reported that Bitcoin mining hash rate also soared to a new ATH. The mining hash rate is used to measure the total computing power required to mine or process transactions on the network.
Bitcoin mining difficulty level rising in tandem with BTC mining hash rate shows
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