Bitcoin Mining Difficulty Recently Hit New High

Bitcoin’s difficulty recently hit a new all-time high. The spike on July 13 was over 9.8% and it brought the mining difficulty to a new high. At 17.35 trillion, it marks the hardest it has ever been for miners to make a profit. However, the overall hashrate has remained consistent at just above 120 EH/s.

The July 13 Spike

The Biggest Highest Difficulty Thus Far

While the 9.8% spike was significant, it is still lower than the 14.95% spike that occurred on June 16, 2020. However, the BTC mining difficulty was just at 15.78 trillion at the time. The second highest mining difficulty spike occurred during the March 12 BTC market crisis, in what has come to be known as black Thursday.

BTC Hash Rate Continues to Rise

Other major mining pools are Antpool, Huobi, Poolin, and Btc.com. F2pool currently controls around 16% of the hash power. Poolin comes in at a close second at 15%. The other three pools control around 10% of the hash power.

Discussions around the Rising Hash Rate

If the hash rate keeps rising, the mining difficulty will reach a new all-time high in two weeks. If a huge number of miners capitulate before then by shutting down their machines, the difficulty will drop after 2016 blocks.

Summary

ORTA Mine Fund, the full name of OMF issued by the United States foundation of ORTA Mine Foundation, is a blockchain fund for bitcoin mines around the world.