Good news for Bitcoin miners as this metric reaches new ATH

December 28, 2023

By Adewale Olarinde

• The Bitcoin network difficulty has gone over 72 trillion.

• Miners have also been seeing increased revenue as difficulty increases.

Recently, Bitcoin [BTC] experienced increased activity on its network, leading to changes in mining difficulty. This increase in difficulty contributed to a rise in miners’ revenue, which reached a yearly high.

Bitcoin gets more difficult

An examination of the Bitcoin network for 2023 showed 27 changes in difficulty. These changes consisted of 20 increases and seven decreases. The most significant increase was on the 15th of January — a substantial 10.26% rise.

In contrast, the smallest increase was on the 9th of August, with a modest 0.12% increase at block 802,368.

The most noteworthy decline in difficulty took place at the beginning of the year, specifically on the 2nd of January, witnessing a drop of 3.59%. Conversely, the smallest decrease occurred on the 12th of February, with a 0.49% reduction at block 776,160.

Source: Blockchain.com

As of press time, the network difficulty was around 72 trillion, marking the highest point reached throughout the year. To provide context, the difficulty level was around 34 trillion at the start of 2023, according to blockchain.com.

This meant that there was a substantial increase of nearly 38 trillion over the past few months.

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