Bitcoin Mining Difficulty Reaches All-Time High Despite Bear Market

Bitcoin may be in a bearish market, but the network has established a new mining difficulty all-time high of 31.251 trillion, exceeding the 30-trillion mark for the first time ever. Bears Can’t Keep Bitcoin Miners Away Even though Bitcoin’s (BTC) price has dropped sharply through April and May and continues sitting over 50% below its all-time high from late 2021, the network’s mining industry growth is not slowing. According to mining data from Braiins, Bitcoin’s (BTC) mining difficulty has set a new record high for the sixth time this year to reach 31.25 trillion this week. The 4.89% adjustment was the third-largest increase this year. Similarly, data from blockchain.com shows that the BTC network demands 220.436 million terahashes/second (TH/s) at the time of writing. While the continued hash rate growth despite BTC’s downward trending prices means dwindling revenue for some miners, the aggregate growth of the industry is a strong signal for the security of the network and the long-term resilience of the entire bitcoin economy.The post Bitcoin Mining Difficulty Reaches All-Time High Despite Bear Market appeared first on Cryptoknowmics-Crypto News and Media Platform.