Bitcoin mining difficulty hits record high of 92.67 trillion amid falling miner revenues
Bitcoin mining difficulty increased by 3.6% on September 11, reaching an all-time high of 92.67 trillion. This rise occurs amid declining miner profitability, exacerbated since April’s halving event. Mining difficulty adjusts biweekly to maintain stable block discovery times, requiring more computational power as it increases. A higher difficulty indicates more miners joining the network, enhancing blockchain security and increasing energy demands for potential attacks. Bitcoin's hash rate averages 693 exahashes per second. Concurrently, Bitcoin's hashprice fell to a record low of under $40 per petahash, impacting miner revenues. Some miners are diversifying into AI services due to ongoing losses. Luxor Technology highlighted that Fractal Bitcoin could provide additional revenue of $1.41 per PH/s/day for miners, with potential daily earnings of $360,000 from FB coins.
