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Bitcoin Mining Difficulty Soars to New Heights With 10% Increase as Miners Return

Bitcoin miners were impacted in 2022. Several mining giants were knocked off by what appeared to be a year of adequate capital for expansion, high energy prices, increasing competition, and a bear market.

After a slumber, Bitcoin miners have returned, with mining difficulty increased by more than 10%, from 34.09 trillion to 37.59 trillion, according to data provided by BTC.com.

Following the news, f2pool, a major participant in the industry, tweeted

“Bitcoin mining difficulty increased by 10.26%, to an ATH! In this 2-week cycle, If BTC can go up above $23,000, machines that are more efficient than 40W/T can be running with profits at the electricity of $0.08/kWh.”

The statistic that defines how difficult it is to mine a Bitcoin block comes during a bullish reversal in the market behavior of the digital asset.

Bitcoin, which is currently trading at $21,175, has managed to recoup losses from the two-month-old collapse of Sam Bankman’s crypto Fried’s empire. The next difficulty modification is expected in two weeks, which could result in a tiny decrease of 0.02%, at least for the time being.

Meanwhile, Bitcoin’s mining hash rate achieved two new highs in only two weeks, although bankrupt miner Core Scientific turned off 9,000 ASICs in December.

This trend could indicate that hash is shifting from weak to powerful hands. Bitcoin’s hash rate is now sitting around 271.86 EH/s.

In terms of mining pool distribution, Foundry USA has the largest share with 35.5%, followed by AntPool (20.9%), BINANCE Pool (12.3%), and f2pool (10.4%), among others.

 

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 17.01.2023

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