Bitcoin mining farm (Credit: CoinDesk archives)
Two months after the network’s halving event, it’s harder than ever to mine bitcoin.
Bitcoin mining difficulty, a measure of how hard it is to compete for block rewards on the network, just set a new record high of 17.35 trillion around 12:00 UTC on Monday. This marks a 9.89% jump from the previous record of 15.78 trillion posted on July 1, Bitcoin.com’s blockchain explorer .
The new record comes a little over two months after bitcoin’s halving on May 11, which reduced the block subsidy from 12.5 bitcoin per block to the current 6.25 bitcoin, per the network’s design. The latest figure also surpasses the pre-halving high seen in early March.
The increase in difficulty reflects increasing computing power being applied to mining bitcoin. The record hashrate also seen Monday signals that investment in state-of-the-art mining machines continues to grow after the halving, even though the price of bitcoin has remained stuck in a range between $9,100 and $9,500 since early July.