Work is going to become tougher for Bitcoin (BTC) miners, as mining difficulty is placed for an additional all-time high (ATH) within hrs, which is the second consecutively, once more cutting in to the already decreasing income of miners.
The Bitcoin mining difficulty, or even the way of measuring how hard it’s to compete for mining rewards, is preparing to bypass the 30 T level and go right to 31.37 T, because of a 5.29% increase, per an estimation through the mining pool BTC.com.
This rise follows a virtually 5.6% increase seen two days ago once the difficulty arrived at the 29 T range the very first time within the network’s history.
Meanwhile, Bitcoin hashrate, or even the computational power the network, has continued to be almost unchanged.
In the same time frame period, however, Bitcoin mining profitability saw a significantly bigger drop, falling nearly 13%. In the last fourteen days, the cost of BTC went lower 23%. The cost went from about USD 39,390 seen on April 27 to the present (15:39 UTC) USD 31,315.
The mining impossibility of Bitcoin is adjusted around every two days (or even more precisely, every 2016 blocks) to keep the standard 10-minute block time. The 7-day moving average block time on May 9 was 9.63 minutes.
According to data provided by ByteTree, in the last days, miners have spent considerably much more of their recently generated BTC compared to what they held.
Find out more:
– Bitcoin Mining Difficulty Hits Another All-Time High while BTC Trends Lower
– Bitcoin & Crypto Selloff: Liquidations, Extreme Fear, Eyes on MicroStrategy, and Possible Support Levels