by • Bitcoin hash rate and difficulty has seen a significant resurgence since the beginning of 2023.
• The network hash rate has increased to a record high of 342.16 EH/s, while mining difficulty increased by more than 2% for the fourth consecutive time.
• Miner revenue has also experienced nearly 70% growth since the start of the year.
Bitcoin Network Difficulty Skyrockets Alongside Hash Rate
After severe turbulence in the Bitcoin mining industry last year, there seems to be a significant resurgence since the start of 2023. Bitcoin’s network hash rate, which has been on a steady uptrend, has climbed to another record high of 342.16 EH/s. Foundry USA and Antpool have been dominating the hash rate with 33.9% and 18.7%, respectively.
Mining Difficulty Reaches Record High
Closely following the hash rate is the mining difficulty which also reached an all-time high – increasing by more than 2% – for the fourth consecutive time. Mining difficulty determines the computational power required to mine a block on the blockchain.
According to Blockchain.com data, this latest push elevated the metric to 47.89 trillion at a block height of 784,224 on April 7th.
Miners Revenue Experiences Growth
In addition to increases in difficulty and hash rate, Bitcoin’s miner revenue has also reacted positively.
Data revealed that miners’ revenue had experienced nearly 70% growth since the beginning of the year.
While miner revenue improved during 2022’s later stage, it wasn’t until March this year that it saw a substantial leg-up.
