Bitcoin mining difficulty expected to spike 6.8% to reach ATH

In August 2022, the difficulty hit 28.35 trillion at a block height of 749,952, down 10% from the previous high of 31.25 trillion in May 2022.

The average block time reached 9.1 minutes, signaling a potential increase in difficulty to take the block time to ten minutes. Consultancy firm Blocksbridge expects the difficulty to spike 6.8% in the most significant increase for the year-to-date, which could see the metric surpass the previous record.