Bitcoin Mining Difficulty Expected to Hit New All-Time High Soon

Bitcoin mining difficulty is set to reach a new all-time high around midnight UTC, with an anticipated increase of about 4% to 126.95 trillion (T), surpassing the current record of 123 T. This adjustment will occur within the next 100 blocks.

Key points:

Mining difficulty was 109 T at the start of the year.
The hashrate's seven-day moving average is 918 exahashes per second (EH/s), up from 840 EH/s in the last two weeks.
A new record high in hashrate would be above previous peaks of 925 EH/s.
Transaction fees remain low at 2 satoshis per virtual byte (sat/vB), approximately $0.30.
The increase in mining activity contrasts with subdued transaction demand on the Bitcoin network.

Overall, this indicates growing long-term confidence in Bitcoin’s value, despite low on-chain activity and transaction fees.