Bitcoin mining difficulty hits ATH, but is projected to drop in August

Key Points

1. Bitcoin mining difficulty hit a record high of 127.6 trillion but is projected to decrease to 123.7 trillion in the next adjustment period.

2. The current average block time is approximately 10 minutes and 20 seconds.

3. Mining difficulty dropped sharply to 116.9 trillion in June but resumed an upward trend in late July.

4. Bitcoin's stock-to-flow ratio is about 120, making it twice as scarce as gold, which has a ratio of 60.

5. The difficulty adjustment ensures Bitcoin's price remains inelastic to new supply, maintaining network security.