The Bitcoin mining difficulty hit a record high of 92.67 trillion on September 11, displaying intensifying competition on the network. The rise indicates greater security from surging collective computing power dedicated to mining Bitcoin.
Reviewing the difficulty changes in Bitcoin’s history demonstrates that the practice of mining is near-perfectly competitive and is becoming increasingly so.
As the market continues to tumble (and mining profits have dwindled), Bitcoin’s mining difficulty dropped by its largest percentile in seven years — the second largest downward correction in the cryptocurrency’s lifetime.
Bitcoin’s mining difficulty increased by 16.6 percent over the weekend, signaling that the network’s overall hash rate has also increased by a similar amount...