The problem of mining Bitcoin (BTC) rose by 3.45% on Tuesday, marking the 4th consecutive rise in difficulty for that network.
Per data from BTC.com, the most recent upwards adjustment introduced the problem degree of mining Bitcoin to 32.05 T – the greatest level ever for that Bitcoin network. Still, Tuesday’s adjustment was smaller sized compared to large 9.26% rise in difficulty seen two days earlier.
The problem increase uses the entire hashrate – or computing power focused on mining Bitcoin – arrived at an exciting-time a lot of 264.8 Ehash/s at the begining of September.
On the 7-day moving average basis, the all-time high was arrived at as lately as on Monday now, once the carefully adopted metric arrived at 233.3 Ehash/s.
Particularly, the 4 consecutive upwards adjustments in difficulty came despite low Bitcoin prices and – a minimum of in Europe – high energy prices. Consequently, European miners are now being squeezed from two sides concurrently, that has brought to tough occasions for that mining industry.
In Norwegian, the problem has forced Bitcoin miners to transfer up to the more remote northern areas, which remains certainly one of only a couple of places in Europe where electricity is affordable enough to profitably mine Bitcoin.
“This isn’t just something we all do in order to save costs, it’s a precondition for the ongoing operation. Our profitability is under water using the [electricity] prices we now have,” Bitcoin miner Kryptovault’s Chief executive officer Kjetil Hove Pettersen told local outlet TU.no recently.
By press time at 13:25 UTC, BTC traded at $20,349, lower nearly 5% within the last 24 hrs, but up 8% within the last seven days.