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The Bitcoin (BTC) network is showing impressive signs of health as the mining difficult has increased based on the recent adjustment from the protocol. According to data from crypto on-chain analytics platform Glassnode, the difficulty’s latest adjustment has placed the estimated number of hashes required to mine a block at a newAll-Time High (ATH) of 209 zettahashes (10^21).
Following the latest #Bitcoin difficulty adjustment, the estimated number of hashes required to mine a block has reached an ATH of 209 zettahashes (10^21).
Thus, the difficulty to mine a block continues to increase as more hashpower is deployed to the network. pic.twitter.com/aXHhGwFIRw
— glassnode (@glassnode) April 28, 2023
The mining difficulty is a performance metric that is used to judge the health of the Bitcoin network. While it is most commonly used for Bitcoin, it can infact, be applied to different digital currencies using the Proof-of-Work (PoW) consensus mechanism. For BTC, the mining difficulty is adjusted every two weeks.
That the mining difficulty is growing is a testament to more miners entering into the network in a bid to scoop up the Bitcoin reward associated with the high capital intensive ability. The financial strain most miners experienced over the past year when the crypto winter was blowing so cold forced many to halt some or all of their operations.
Some of these miners that went under are now recovering and replugging their machines back online.
Dissenting Views on Mining
Despite its importance in the Bitcoin ecosystem, the mining engagement remains a very polarizing subject for regulators. While many posit that mining is harmful to the environment and as such necessitates its ban, core proponents maintains that the mining activities consumes far less than the energy most other human activities consumes.
The clamor surrounding Bitcoin mining has pushed the advocacy toward sustainable mining through the use of renewable energy sources. Additionally, many critics are calling for the transition of Bitcoin from the PoW model to the Proof-of-Stake (PoS) just like Ethereum did last year.
Though the transition journey was arduous for the Ethereum developers, when the transition, through The Merge went live last year, it paid off seeing it cut off the energy consumption of the network by more 99.9%.
Bitcoin maxis have denounced the plan and while there has been no outright ban on BTC mining in the most prominent hubs for the digital currency, the use of Layer-2 protocol, such as the Lightning Network to conduct transactions using the Bitcoin network has grown over the past few years.
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