Mining difficulty on the Bitcoin network increased by 9.32% and hit an all-time high of 26.64 trillion on Jan. 21, at 3:07 UTC, beating the previousThe difficulty is automatically adjusted based the amount of computational power on the network, or hashrate, to keep the time it takes to mine a block roughly stable at 10 minutes. The higher the hashrate, the higher the difficulty, and vice versa.
The difficulty started dropping later in May when miners in China, at the time the biggest bitcoin mining country, went dark to comply with aMost miners from China estimated that they would come back online in Q1 2022, so"we can attribute a good bit of this increase [in difficulty] to Chinese miners finally coming online in North America," Whit Gibbs, CEO of Compass Mining, told CoinDesk.
Analysts and industry insiders expect the trend to continue well into 2022, as miners in North America, Russia, and Europe, plan to deploy even more machines - barring any unforeseen event like China's ban on crypto mining or a dramatic fall in the price of bitcoin.
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