Bitcoin Mining Difficulty Hits All-Time High of 90.7T, Up 10.5%, Hashrate at 667 EH/s

Jul 31, 2024, 07:42 PM

Bitcoin mining difficulty has surged by 10.5% to reach a new all-time high of 90.7 trillion. This marks the largest increase since October 2022. The Bitcoin network's hashrate also reached an all-time high of 667 EH/s before slightly dipping to 636 EH/s. The rise in mining difficulty and hashrate is linked to potential price stability and has resulted in a boost in miner revenues by 50%, reducing selling pressure. Insights from CryptoQuant suggest that the increased hashrate and reduced selling pressure are due to the recent price recovery in July.