Cryptocurrency

Bitcoin mining difficulty expected to reach new all time high

Zegex

Bitcoin (BTC) mining difficulty will reach an all-time high by 8:21 PM GMT on September 13th. Glassnode data analyzed by CryptoSlate, he predicts a 3.5% increase in the next few hours.

Bitcoin mining difficulty
Bitcoin: The difficulty of mining (Source: Glassnode)

Mining difficulty refers to how difficult it is for miners to validate transactions on the network. The mining difficulty he reached 30.98 trillion, up 9.26% two weeks ago.

The 3.7% rise would break the 31.25 trillion mining difficulty record set on May 11th.

Hashrate expected to rise

Bitcoin mining hashrate is also expected to hit an all-time high, according to Glassnode data.

bitcoin mining hash rate
Bitcoin mining difficulty (Source: Glassnode)

CryptoQuant Analyst It pointed out Its BTC mining hashrate has recently increased.

The increase in mining difficulty and hashrate may seem surprising given the current market conditions, where assets recently dipped below $19,000.

But after a summer heat wave forced many miners to shut down operations, cold snaps put new machines back into operation.

Miners need to be more efficient

Apart from reducing heat levels, some miners recently installed the more effective Antminer S19 XP.

The drop in the Bitcoin price has forced miners to operate more efficiently to withstand profitable opportunities.

Bitcoin miner earnings
Bitcoin: Miner Revenue Per Exahash (Source: Glassnode)

On the one hand, not all miners suffer from market declines. Some companies, like CleanSpark, are taking advantage of the situation to expand their business.

CleanSpark recently agreed to purchase Mawson Infrastructure Group’s mining facility for $33 million and also acquired a portion of ASIC, or approximately $9.5 million.

Bitcoin miner buys 10,000 Antminer S19j Pro for $28 million got Several Bitcoin mining facilities across the United States earlier this year,

But domestic miners may have to find ways to make operations sustainable, especially after a White House report raises the possibility of a ban if carbon emissions continue to rise. .

Posted In: Bitcoin, Mining
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