According to data from BTC.com, the difficulty of mining bitcoin increased by 3.45% on Wednesday, setting an all-time high.
According to the data, the mining difficulty reading was 32.05 trillion as of block height 753,984.
Since its Aug. 4 modification, the difficulty level, which varies about every two weeks, has gotten harder. On May 11, it reached a previous high of 31.25 trillion.
Bitcoin mining difficulty is a measurement of how difficult it would be for a miner to “dig out” Bitcoins by verifying the transactions in a block to add to the network.
Such changes in mining difficulty are closely tied to variations in mining hashrate, or the amount of processing power employed for mining.
Data from Blockchain.com showed that on Tuesday, Bitcoin’s seven-day average hashrate was around 232.1 exahashes per second, up from a seven-day average of 222.7 exahashes on August 31 when the latest difficulty adjustment took place.
At 11:20 a.m, Bitcoin was trading for $20,372. on Wednesday, 8.2% less than a day prior, Hong Kong time, according to information from CoinMarketCap.