Bitcoin Mining Hits Record Difficulty at 37.59T as Miners Power Back Up

Bitcoin miners are back in action after a stormy winter in North America sidelined rigs with power outages, only to find the network’s mining difficulty has spiked to a new all-time high. According to BTC.com data, the difficulty clocked in at 37.59 trillion on January 16, 2023, up 10.26% after hitting block height 772,128.

That’s a leap from November 22’s 36.76 trillion, outpacing every hurdle miners faced last year—think back to block 758,016—and it’s got the hash rate humming at an estimated 271.43 exahashes per second (EH/s).

The timing’s bittersweet. Bitcoin’s price has jumped 22.7% in the last week, hitting over $21,000, a boon for miners who’ve been offline dodging storms. But this beefier difficulty—tied to faster block times in recent days—could throw a wrench into that rally soon. The year’s barely started, and 2023’s already flexing: January 6 saw the hash rate peak at 361.20 EH/s, smashing November 12’s record, until Sunday’s adjustment cranked the challenge up again. Two all-time highs in one month? That’s a loud hint of what’s ahead.

Looking forward, BTC.com’s crystal ball pegs January 28 as the next difficulty tweak, with about 67,846 blocks left until the halving. Some 1.7 million BTC still sit unmined, and with hash power climbing, the race is on.

But is this a bullish season? After 2022’s tail-end slump to $16,500, the New Year’s price pop has crypto buffs buzzing. Analysts like Gert van Lagen are all smiles, spotting bullish vibes in Bitcoin’s climb. Miners might be sweating the difficulty, but that $21K glow’s got the market feeling hopeful—for now.