In the past week, the Bitcoin mining hashrate has reached a new record high, surpassing the 300 EH/s threshold. An increase in mining difficulty was also predicted for this week.
This Monday’s update brought the Bitcoin mining difficulty to a new all-time high, surpassing the previous record set on August 13th, when it was 35.61 trillion.
Bitcoin’s mining difficulty decreased after the most recent update. However, in the four preceding occasions, the challenge showed tendencies between 0.63% and 9.26%. But this time it actually resulted in a massive increase of 13.55 percent.
The most recent increase is the highest since May 13, 2021, according to data from BTC.com. However, the figure was almost similar in August of the previous year, at 13.24%.
As a result, the time required to mine one Bitcoin block on the blockchain has increased to roughly 8 minutes and 49 seconds at the moment.
Since there is now more hash power competing for blocks, the higher difficulty means that each Bitcoin mined will cost more to produce. This is happening at a time when miner incomes are already low because of the asset’s stagnant price. Increased financial strain on the mining sector is expected.
Miners’ workloads have been exacerbated by issues with electrical equipment. Both production numbers and the quantity of Bitcoins held by investors have dropped as a result of the recent sell-off.
Core Scientific, a mining firm based in the United States, recently sold 1576 Bitcoins at an average price of $20,460. Only 1,213 Bitcoins were mined by the company in September, or an average of 40.4 Bitcoins each day.
It has been recently observed that the overall pattern is consistent, with miners continuing to spend more Bitcoin than they earn.
