The latest available data reveals that mining for Bitcoin has never been more difficult.
After hitting 37.59 trillion hashes Bitcoin’s mining harshness was made evident. The new all-time high occurred following a rare growth of more than 10 per cent on the 15th of January. The January event represents the largest leap taken since November 2022. At that time, it was the only period when mining difficulty grew so much.
Besides pointing to a large difficulty in mining, CoinWarz released data that shows Bitcoin’s hash rate slowly exceeding the ones registered during the past 3 years. The hash rate represents Bitcoin’s network computational power. However, we have to point out that following Terra’s May 2021 collapse, the hash rate plunged for a short while.
On the 6th of January 2023, Bitcoin registered a top 361.2 EH/s hash rate. EH/s represent ExaHashes per second. Mining difficulty and hash rate date reportedly point to a growing and strong network. Simultaneously, recent developments showcase that mining has to deal with important hardships.
In September 2022, a provider of data centers for blockchain and crypto mining companies (Compute North), announced going bankrupt. Core Scientific, a BTC miner listed on Nasdaq, filed for bankruptcy shortly before Christmas. Argo, a mining operation, barely succeeded in avoiding bankruptcy due to a deal made with Galaxy Digital, a crypto company, in December 2022.
Recent news speak of a number of crypto miners selling BTC reserves to improve their balance sheets.