As of January 2024, mining new Bitcoin (BTC) on the blockchain became moderately less difficult compared to earlier that month. This figure essentially reflects how much computing power is being applied to mine this particular cryptocurrency, and is calculated every 14 days based on the hashing power that is competing for rewards on the network during this period. Hashing refers to the amount of processing power that PCs use to build the blockchain: the more blocks of verified transactions that are processed or "hashed", the more Bitcoin - the reward for this verification process - is being mined. A higher mining difficulty means more miners are trying to get this cryptocurrency. Originally it was estimated that BTC's maximum supply would be reached by 2024, although nearly 90 percent of this supply was reached already by March 2021.
Average mining difficulty of Bitcoin from January 2009 to January 20, 2024
(in terahash)
The figures provided show many times on average miners should calculate a sol function to find a cryptocurrency block; Bitcoin difficulty is adjusted every 2,016 blocks, which is roughly every two weeks, to ensure the average interval between blocks remains at 10 minutes.
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Website (BTC.com). (January 29, 2024). Average mining difficulty of Bitcoin from January 2009 to January 20, 2024 (in terahash) [Graph]. In Statista. Retrieved November 24, 2024, from https://www.statista.com/statistics/1224431/mining-difficulty-bitcoin/
Website (BTC.com). "Average mining difficulty of Bitcoin from January 2009 to January 20, 2024 (in terahash)." Chart. January 29, 2024. Statista. Accessed November 24, 2024. https://www.statista.com/statistics/1224431/mining-difficulty-bitcoin/
Website (BTC.com). (2024). Average mining difficulty of Bitcoin from January 2009 to January 20, 2024 (in terahash). Statista. Statista Inc.. Accessed: November 24, 2024. https://www.statista.com/statistics/1224431/mining-difficulty-bitcoin/
Website (BTC.com). "Average Mining Difficulty of Bitcoin from January 2009 to January 20, 2024 (in Terahash)." Statista, Statista Inc., 29 Jan 2024, https://www.statista.com/statistics/1224431/mining-difficulty-bitcoin/
Website (BTC.com), Average mining difficulty of Bitcoin from January 2009 to January 20, 2024 (in terahash) Statista, https://www.statista.com/statistics/1224431/mining-difficulty-bitcoin/ (last visited November 24, 2024)
Average mining difficulty of Bitcoin from January 2009 to January 20, 2024 (in terahash) [Graph], Website (BTC.com), January 29, 2024. [Online]. Available: https://www.statista.com/statistics/1224431/mining-difficulty-bitcoin/
