Bitcoin mining difficulty has reached an all-time high, marking the eighth consecutive positive adjustment

On January 13, it was reported that the difficulty of bitcoin mining ushered in the eighth consecutive positive adjustment, setting a record high of 110.45T, indicating that the current mining difficulty is about 110.45 trillion times that of the bitcoin genesis block. The bitcoin network adjusts the difficulty every 2016 blocks to maintain the average block size every 10 minutes.
This is another consecutive positive correction after the bear market in 2018 and the bull market in 2021. After China banned mining in 2021, the mining difficulty was adjusted 9 times in a row, and finally peaked when the bitcoin price reached $69,000 in November 2021. When the bitcoin price entered the bear market from a high of $20,000 in 2018, it also experienced 17 consecutive positive adjustments, and finally bottomed at $3,000. At present, the 7-day moving average hashrate of bitcoin has reached 775 EH/s, and it is expected to break the milestone of 1 ZH per second before the next halving. Although there is no clear trend direction for multiple consecutive corrections, they are usually accompanied by a cyclical top or bottom, indicating the continued strength of the Bitcoin network.