Bitcoin (BTC) mining difficulties are expected to rise again in two days, most since September, and are denting BTC miners’ profit margins in the wake of a sharp market correction this week.
Large mining pool BTC.com It is estimated that the Mining Difficulty, which shows how difficult it is to compete for mining rewards, will increase by 7.82% this Sunday during the next difficulty adjustment. This would increase it to 18.97T from 17.6T recorded two weeks ago.
This level is still relatively far from the all-time high of 20 T in mid-October. However, the change itself would be the largest percentage since mid-September. This is also the second adjustment after the second largest decrease in difficulty in history on November 3rd.
The hashrate (the computing power of the network) may have decreased before this great difficulty level, but has increased again since November 2nd, as the difficulty level also increased by almost 5% two weeks ago. According to BitInfoCharts.com, the hashrate (simple 7-day moving average) has increased by 27.3% from then to now.
Bitcoin’s mining difficulty is adjusted roughly every two weeks (i.e. every 2016 blocks) to keep the normal block time of 10 minutes. BitInfoCharts currently shows an average time between blocks of 9 minutes, while it was well over 10 minutes in late October and early November.
Meanwhile loud ByteTreeMiners held onto their coins instead of selling them in the past seven days, although the situation has been reversed in the past five and twelve weeks.
All of this happens during a general market correction this week after a major rally in November that saw Bitcoin surpass $ 19,000 and close to its all-time high. At the time of writing (10:54 UTC), Bitcoin fell nearly 2.65% in one day and more than 8% in one week to USD 16,779.
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