Bitcoin mining has reached a new level of difficulty, hitting an all-time high of 110.45 trillion as of Sunday. This increase means that it is harder than ever to mine new blocks in the Bitcoin network. Mining operations, usually large-scale setups with specialized computers, compete to solve complex mathematical problems to verify transactions and add them to Bitcoin's blockchain. The rewards for mining a block currently stand at 3.125 BTC, valued at nearly $295,000 at recent prices. The surge in mining difficulty indicates a stronger and more secure network, despite Bitcoin's recent price fluctuations. After reaching a peak of over $108,000 in December, Bitcoin's price has dropped to around $94,170, affected by concerns over potential interest rate hikes by the U.S. central bank. Nonetheless, higher mining difficulty is a positive sign for the network's resilience and security.

Source 🔗