It's really hard for miners! Bitcoin mining difficulty exceeds 19 T, setting a new record

Bitcoin Mining Has Never Been Harder . . .

The number one cryptocurrency by market cap hit a new record in mining difficulty at 5:55 a.m. UTC on Sept. 20, according to data from Bitcoin blockchain explorer Bitcoin (BTC) has risen 40% in difficulty since January 2020.

Bitcoin (BTC) mining difficulty hits all-time high

After last week’s sharp adjustment, Bitcoin (BTC) network difficulty increased by 11.35%. This increased the mining difficulty to an unbearable 19.314T. According to estimates by Glassnode analysts, this adjustment is among the top three upward adjustments in the past few years.

Therefore, this adjustment will more obviously increase the difficulty of the Bitcoin (BTC) network and squeeze out underpowered miners from the mining market. At the same time, the total network hashrate of Bitcoin, which has been declining since May this year, has seen the strongest growth to 140EH, with a peak of 150EH. The total network hashrate reflects the surge in Bitcoin mining activity in the short term.

Typically, positive hash rate adjustments reflect the enthusiasm of miners, who increase their operations waiting to reap profits. In contrast, the most significant increases have occurred after painful price drops.

For example, Black Thursday in March 2020 caused Bitcoin (BTC) difficulty to drop by 15%, while during the crypto winter in late 2018, three consecutive downward adjustments resulted in a drop of nearly 33%.

September Tests Bitcoin (BTC) Bulls

The difficulty indicator shows how difficult it is to mine a Bitcoin (BTC) block at the moment. Difficulty reflects how many miners are participating in the process of Bitcoin (BTC) mining - competing for the hash calculation results. Although this number is not very stable, the average time required to mine a Bitcoin (BTC) block is about 10 minutes.

To avoid fluctuations in block time, Bitcoin (BTC) difficulty automatically adjusts every 2016 blocks, or approximately every two weeks.

September has indeed been challenging for Bitcoin (BTC) holders so far. After its second attempt to maintain the price above $12,000, Bitcoin (BTC) plunged 15% in two days. However, as historical reports from the media show, September usually shows no mercy to Bitcoin holders.

According to Avi Felman, a trader at investment firm BlockTower Capital, Bitcoin (BTC) has only managed to be profitable in September twice in the past seven years. In 2017, 2018, and the first months of the fourth quarter of 2019, Bitcoin fell by 8%, 6%, and 15%, respectively.