The Bitcoin mining difficulty reached a new all-time high of 92.67 trillion on September 11. This represents a 3.04% increase over the last 24 hours and continues an upward trajectory in mining competition.

JUST IN: #Bitcoin mining difficulty hit a NEW ALL-TIME HIGH 🚀 pic.twitter.com/vhq0ClEXRW

— Bitcoin Magazine (@BitcoinMagazine) September 11, 2024

The Bitcoin difficulty chart plots the historical increases and decreases in mining difficulty over time. It measures how hard it is for miners to find a valid hash for the next block. Higher difficulty requires more computing power to mine new Bitcoin.

When combined with the Bitcoin price, difficulty helps determine miners’ profitability and return on investment. The metric soared in 2024 amid massive growth in Bitcoin’s overall hash rate and adoption.

The rising difficulty shows intensifying competition on the Bitcoin network as more miners fight for limited block rewards. This is generally constructive for network security and decentralization.

Despite rough market conditions this year, the difficulty increase displays the unprecedented demand for Bitcoin block rewards. It underlines the incredible security offered by the collective computing power of miners around the world.

The difficulty adjustment algorithm built into Bitcoin’s code dictates the pace of change in mining competition. It is programmed to find blocks approximately every 10 minutes, maintaining a steady influx of new Bitcoin over time.

This predictable Bitcoin issuance schedule makes its inflation rate easy to model and appeals to investors compared to fiat currencies subject to central bank policies.

Tokyo Electric Power Company (TEPCO), Japan’s largest electricity provider, has begun mining Bitcoin through its subsidiary Agile Energy X using excess renewable energy that would otherwise be wasted, as per reports from Asahi.

With over 27 million residential and business customers, TEPCO established Agile Energy in 2022, and now they are exploring Bitcoin mining powered by surplus renewable energy. The subsidiary has installed mining rigs next to solar farms in Japan’s Gunma and Tochigi prefectures.

The initiative helps reduce wasted green energy from solar and wind farms that are forced to curtail production to avoid overloading Japan’s grid. This energy is now being diverted to generate Bitcoin.

“Green energy producers have to operate their businesses on the assumption that part of the power they generate is wasted,” said Agile Energy President Kenji Tateiwa. “If bitcoins were to provide a new source of income for similar power producers, who are being exposed to overinvestments, that would prompt more green energy to be introduced.”

The project shows how Bitcoin mining can incentivize renewable energy growth by providing producers with additional revenue streams. Tateiwa said Bitcoin profits could encourage further investment in clean energy to power the mining.

Other countries are also tapping excess renewables for Bitcoin mining, like El Salvador, which uses its geothermal energy. This dispels the myth that Bitcoin is environmentally hazardous, as much mining uses energy that would otherwise be wasted. 

More and more companies and countries are figuring out how to turn waste and surplus energy into the hardest money on earth. As more renewables come online, Bitcoin mining will help reduce wasted power and emissions.

Genesis Digital Assets (GDA), one of the world’s largest Bitcoin mining companies, has announced plans to expand its recently launched Texas data centre to 400 megawatts. The ambitious phase two scaling highlights GDA’s commitment to Texas as a mining hub, leveraging the state’s renewable energy and pro-innovation policies.

GDA’s Rowdy Data Center in Vernon is currently operational at 60 MW, supported by the Oklaunion Substation. The site benefits from substantial local wind power and is located near Vernon city in Wilbarger County.

The data centre utilizes grid power with renewable energy sources for its operations. “GDA’s business is a natural fit for the Oklaunion Power Station,” said Tom Walker, Chairman of OPS Board. “This project clearly demonstrates that Bitcoin mining creates entirely new dynamics for the energy industry.”

The Rowdy Data Center repurposes the retired Oklaunion Power Station, bringing back dozens of jobs lost when the plant closed in 2020. So far, GDA’s operations have generated 12 permanent and 150 construction jobs.

“Texas has emerged as a leading hub for local support and renewable energy sources, and the Rowdy data centre is a particularly important location for our operations,” said GDA CEO Andrey Kim.

The company aims to bolster the Bitcoin network’s robustness and security by scaling and innovating mining infrastructure and utilizing renewable energy sources.