Bitcoin’s mining difficulty is continuing to rise, reaching a new all-time high of 39.35 trillion. This increase, which makes it more difficult to mine blocks, is due to a 4.68% increase on Sunday, following a 10% rise on January 15, 2023. The next adjustment is set to take place on February 11, 2023. The hash rate, a measure of the computational power dedicated to mining cryptocurrency, currently stands at 305.81 ExaHashes per second.
The cost of producing a Bitcoin is estimated at $21,176 per unit, and with the current spot price at $23,200, mining is becoming more profitable for miners. Foundry USA is the leading mining pool, accounting for 34.89% of the network’s hashpower, followed by Antpool with 19.79% of the total network hashrate.
Due to the rise in difficulty, the time between each Bitcoin block, or block intervals, is slower than recent averages but still faster than the 10-minute average. This higher difficulty level results in more consistent block times and a more secure blockchain.
However, the rise in difficulty puts pressure on the mining industry as more computing power is needed to earn the same rewards, and the return on investment for mining hardware becomes less favorable. Despite this, the recent increase in the price of Bitcoin has helped ease the fears of many miners, as the rewards are now worth more in dollar terms.
In conclusion, Bitcoin’s mining difficulty continues to rise, making the network more secure and competitive among miners. The current price rally is providing much-needed relief for miners who have suffered during the bear market.
