BTC mining difficulty jumped to a new all-time high as mining has become 20% more difficult than before the halving in May. In the meantime, the price of the most popular cryptocurrency rallied by 27% which saved the miners’ profit margins as we are reading further in today’s bitcoin news.
On Sunday morning, the mining difficulty of how hard it is to compete for the mining rewards, increased by 11.35% to 19.31T meaning that BTC mining difficulty jumped to a new all-time high. This increase was the second biggest recorded in more than a year of the network that had to adjust to the average block time which was below the normal 10 minutes. In the past week, it hit the 8 minutes mark which means that after increasing the computational power of bTC, the miners managed to find a new block and claim a BTC 6.25 reward faster.
The mining difficulty of Bitcoin gets adjusted every two weeks in 2016 blocks. The higher the difficulty, the less profitable BTC mining is at the cost of finding a block increase. After the measure reached its all-time high and it is now 20% higher than before the halving in May in 2020 when the block subsidy was cut in half to 6.25 per block, the bitcoin price helped offset the increased costs. At the same time, BTC jumped by around 27% and the hash rate jumped by almost 9, setting a new all-time high in September.
In the meantime, the difficulty adjustment day marks selling BTC by the miners more than they generated in the past day. as reported, the miners want to get the best price for the bitcoins but they still need to cover the operational expenses which are not long bitcoin but are market savvy. At the time of writing, BTC trades at USD 10,966 which is unchanged in a day. The price is up by 4% in a week which means the losses are cut down to 7.5%.
As reported a few weeks ago, The BTC miners sell more coins as the difficulty rises. This metric measures how hard it is to compete for mining rewards while it hit 0.59% but that was not enough to push it over the 17 T level, raising it to 16.95 T. This can be considered as an accomplishment as it is not an all-time high but this honor belongs to the 17.35 T which was before two adjustments happened a month ago. It means that today is still the second biggest BTC mining difficulty in history. This comes after a smaller drop from the previous adjustment which knocked the difficulty a little bit to 16 T level.
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