Bitcoin’s mining difficulty has increased moderately to a new peak months after its relatively slow growth.
The data show that the network’s mining difficulty was set at 23.14 Trillion at 02:00 on Friday, a 5.82% jump compared to the record on March 20. New Bitcoin mining hardware recently hit the market and then started working.
The 14-day average hash power in the Bitcoin network has increased from 156 exahash seconds (EH / s) on March 20 to currently 165 EH / s. This means that all miners securing the bitcoin network are hashing an average of 165 million trillion times per second to calculate the correct answer for a new block mining.
Computing power of 9 EH / s, which has been added recently in the last two weeks, is equivalent to what approximately 90,000 units of Bitmain’s latest generation bitcoin mining equipment such as the AntMiner S19 Pro can provide in total.
Spot prices of the latest mining hardware devices made five times higher premium compared to pre-order prices in November due to both the increased demand level and the continuing global chip shortage. Later, a brand new unit of the AntMiner S19 can change hands for up to $ 10,000.
In February, The Block reported that existing miners were pleased with the slow growth of bitcoin’s mining difficulty, which was significantly behind Bitcoin’s rising prices as small amounts of hardware were delivered to the market.
But industry players predict that overall hash power will see a significant increase around Q2 as more of the pre-orders placed in late 2020 start to arrive.