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Bitcoin Mining Difficulty Hits a New High

ByLouis Adams

May 19, 2023 #Bitcoin, #mining
Reading time: < 1 minute

The difficulty of mining BTC has recently increased by 3.22%, creating a new record high of 49.55 T.

On May 15, Glassnode reported that the smoothed 7-day moving average had reached 368.3 EH/s, before correcting to 365 EH/s.

Despite the increase in mining difficulty, along with the decrease in the price of Bitcoin, miners’ income has remained slightly elevated, as the Hashrate Index suggests that the hash price has gone up to $78 per PH per day over the past 24 hours.

Furthermore, in May it was noted that miners received more in commissions than their production rewards (6.25 BTC) for only the fifth time in history.

This was likely a result of the increasing issuance of BRC-20 tokens.