Despite recent declines in Bitcoin's price, one metric remains notably robust: mining difficulty. Bitcoin mining difficulty reached an all-time high of 90.67 trillion hashes on Wednesday. Mining difficulty reflects the amount of computational power required to secure the Bitcoin blockchain.

As difficulty increases, so does the need for more powerful and energy-consuming hardware to perform the necessary mathematical functions. This surge in difficulty has significantly impacted the profitability of publicly traded mining companies.

Some miners are repurposing their infrastructure for high-performance computing applications like AI, while others are holding onto or purchasing more Bitcoin, emulating MicroStrategy's strategy, which effectively treats Bitcoin as an exchange-traded fund (ETF).

Adding to the miners' challenges, the Bitcoin network experienced a halving event in April. This event, which occurs approximately every four years, reduced miner rewards from 6.25 BTC per block to 3.125 BTC per block. The halving naturally increases the difficulty of maintaining profitability in mining, ensuring that only the most efficient operations can continue to sustain the network.