Bitcoin (BTC) mining difficulty jumped again, hitting a new all-time high (All Time High, ATH) – the third in a row.
This indicator (which measures the difficulty of obtaining mining rewards) has just increased by 4.78%, reaching almost 27.97 T, which further reduces the profit margins of miners.
It’s the first time the difficulty has reached the 27T level, but it’s also a new high in a series of difficulty jumps to an ATH over the past six weeks.
Prior to this series of ATHs, the mining difficulty peaked in mid-May last year at 25.05T before dropping sharply right after. Long months passed before this level was exceeded until these new records were reached.
The hash rate (the computing power of the network) has also increased to new heights.
Since the previous difficulty adjustment two weeks ago, the 7-day average hash rate has increased by 8%.
A higher hash rate indicates that more miners are securing the network by verifying blockchain transactions.
Following the ban on BTC and cryptocurrency mining in China and the consequent movement of miners – hence hashrate – around the world, mainly in the United States, the hashrate recovered in a few months, now reaching the ATHs .
“This means that the number of miners has increased, although some are leaving China. This spike could be the result of miners completing the migration of their farms from China to other countries and starting to operate again,” according to the firm. cryptocurrency research Delphi Digital.
Meanwhile, the profitability of Bitcoin mining has also seen an uptick, by 15% since the previous adjustment, as the price of BTC has also increased since then. However, this profitability remains far below what miners could earn at the end of 2021.
BTC is currently trading around $41,800 and was down almost 3% in one day and one week, reducing its monthly gains to less than 2%. The price is now down almost 13% in one year.
The Bitcoin mining difficulty is adjusted every two weeks (or more precisely, every 2016 blocks) to maintain the 10-minute block time. On February 16, the 7-day rolling average block time was 9 minutes.
According to data provided by ByteTreeover the past few weeks, miners have spent more newly generated BTC than they held.
As noted earlier, bitcoin miners are slowly turning to creative ways to become more efficient, while trying to improve the image of this power-hungry industry. For example, the American oil giant Conoco Phillips decided to sell North Dakota bitcoin miners excess flare gas from the oil and gas-rich Bakken region, while Norwegian bitcoin miner Kryptovault plans to use excess heat from its machines to dry cut wood used to heat homes.
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