Bitcoin difficulty for miners has been increasing to all-time high levels this year amidst price volatility.
Since the start of 2022, Bitcoin (BTC) has seen a decline in price by more than 40% from its all-time high (ATH) of $69,044.77 on Nov 10, 2021.This price volatility hasn’t affected the network’s ability to increase miners’ difficulty to obtain Bitcoin. As competition among miners continues to grow, Bitcoin’s difficulty reached a new ATH for the second time in two months. The hash rate has also experienced a steady climb of 45% in 6 months after last July’s lows.The Bitcoin network difficulty is determined by the overall computational power, which co-relates to the difficulty in confirming transactions and mining BTC.To confirm a block and obtain its reward, miners encounter more opposition as the difficulty goes up. Those miners not able to catch up have been pushed out of the race. This dilemma between miners
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