Bitcoin network’s mining difficulty reached an all-time high of 28.587 trillion last week.
The Bitcoin network difficulty, or mining difficulty, refers to computational power required to mine BTC blocks.
Currently, the estimated demand for that according to data from Blockchain.com, is hash rate of 201.84 exahash per second (EH/s).
BTC’s mining rate saw a substantial drop of over 50% back in July 2021 following China’s ban on the mining of digital assets in the region. The mining rate was almost 80 EH/s during the first week of July.
Since then, the crypto miners have relocated to North America and Europe which lead to a recover sooner than expected.
Less than 2 million Bitcoin are left to be mined. With that, it is expected that more miners will join the network, as everyone is trying to make a last push to earn Bitcoin rewards. The remaining 2 million are expected to be mined roughly by the year 2140.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.