The mining difficulty has recorded an unprecedented level of 127.6 trillion hashes this week, indicating the continued rising computational power supporting the security of the Bitcoin network.
This record reflects the increasing competition among miners around the world and shows how much the infrastructure that the network relies on for block issuance and transaction security has developed.
Despite this increase, forecasts suggest that Bitcoin mining difficulty will see a downward adjustment on August 9 by nearly 3% to around 123.7 trillion hashes, according to data from CoinWarz.
The rise in Bitcoin mining difficulty was accompanied by an increase in block time to an average of 10 minutes and 20 seconds, slightly exceeding the protocol's original target of 10 minutes. These bi-monthly adjustments are one of the fundamental pillars in the design of Bitcoin, aiming to maintain stability in the rate of block production despite changes in mining power.
The mining difficulty had decreased during June to its lowest level at 116.9 trillion hashes before gradually rising again, highlighting renewed activity in the mining sector and the ongoing fierce competition for processing new transactions.
Interestingly, the rise in Bitcoin mining difficulty has not negatively impacted miners' profitability, as data shows mining profits have risen to $52.63 million per exahash per day, the highest level since the last halving.
This phenomenon is considered unusual, as an increase in Bitcoin mining difficulty often leads to a decrease in profit margins, but this time it reveals a potential separation between technical standards and operational profitability, which may indicate a new phase in the path of the most popular digital currency.
The increase in Bitcoin mining difficulty has also contributed to a rise in the stock-to-flow ratio, which is a key indicator of the asset's scarcity and its resistance to inflation. This figure is currently estimated to be double that of gold, highlighting the increasing scarcity of Bitcoin, especially after approximately 94% of the total supply has been mined.
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