The difficulty of mining bitcoin has reached an all-time high of 92.6 terahashes, increasing by over 10% since early July, which could strain miners' profitability due to higher operational costs.
Increased mining difficulty might pressure miners financially, potentially leading to more bitcoin being sold to cover costs. However, some say there's no direct correlation between mining difficulty and bitcoin price.
Mining difficulty hit 92.6 terahashes late on Wednesday, Coinwarz data shows, rising by four units in a month and more than 10% since early July.
A bump in mining difficulty can dampen profits for bitcoin mining companies as costs required to keep operations going significantly increase - straining an already difficult environment for such firms.
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