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Bitcoin mining difficulty reaches a record high of 17.3T! Although the price of Bitcoin is still hovering in the lower $9,000 area, this does not mean silence. Bitcoin just reached a new milestone recently.

## Bitcoin mining difficulty reaches new high

Bitcoin’s mining difficulty has been increasing for some time, which led to it reaching a new high earlier today. The mining difficulty reached a new record, exceeding 17.3T, an increase of 9.89% from the previous difficulty cycle.

The computing power (hash rate) of the entire Bitcoin network reached 133 EH today and is almost close to a record high.

The growth in Bitcoin’s network computing power (hash rate) and mining difficulty means that miners are increasingly interested in participating, which is generally seen as a positive development. Naturally, investors welcome any bullish signal, and so do traders, especially since the market is silently awaiting Bitcoin’s rise due to Bitcoin’s quadrennial halving on May 11.

Network computing power (hash rate) and mining difficulty are often correlated, so the ensuing increase is not surprising. After all, when difficulty goes up, it means more miners are trying to solve obstacles and receive rewards.

More miners means a larger number of participants in the Bitcoin network and therefore a more secure network, which is another positive by-product of miner interest.

Now, since miners are back, it shows that they expect the price of Bitcoin to increase. This is the only reason to be willing to mine BTC.

As many people know, the Bitcoin halving in May reduced the block reward from 12.5 BTC per block to 6.25 BTC per block
BTC. This means that each miner will receive a lower participation amount, which will not be an issue if BTC prices surge. If the price drops or stays the same, mining will not be profitable for most participants.

Another possibility is that mining conditions are now more favorable. One possible scenario is the arrival of the rainy season in China. The rainy season means more electricity production, which also means lower electricity prices, which is needed for Bitcoin mining. A large number of Chinese miners are participating in Fengshui Mining. Mining has also caused the increase in the computing power of the entire network to a certain extent.