The recent increase in Bitcoin mining difficulty was the highest since January.
The increase occurred yesterday, going from 28.35T to 30.97T.
The current level is not a record high, but it is not far from the all-time high of 31.25T in mid-May before the crypto market crash. Terra/Luna Project Implosion.
Since then, the difficulty dropped to 27.69T just after mid-July, but then started to increase again.
This growth is either an increase in hashrate, or total computing power used By all Bitcoin miners around the world.
The BTC mining hashrate dynamics in 2022 are very interesting.
Bitcoin mining hash rate and difficulty
After the start of the bear market in late November 2021, hash rate Despite BTC’s value halving, it continues to rise until reaching its first high in early May, Exceeding 250 Ehash/s for the first time ever.
With the collapse of crypto market When the Bitcoin price dipped below $30,000 in mid-May, the hashrate dropped slightly, reaching a low of 188 Ehash/s in early June. However, it rose again shortly thereafter and on 8 June 2022 he hit an all-time high of over 253 Ehash/s.
As the price of BTC fell further, falling well below $20,000 in June, the hashrate dropped to 170 Ehash/s in mid-July, but rose again, so by August 26th it was rising again. did. 246 eHash/sec.
Inevitably, the difficulty dynamics follow closely. This is because it helps prevent a high hashrate from reducing block time too much and a low hashrate from diluting it too much. In fact, the Bitcoin protocol is designed to always maintain an average block time of around 10 minutes, no matter what happens.
So while the recent increase in difficulty is not at all surprising, the increase in hashrate that occurred after the price crash in May and June is.
This gives the average Profitability It is estimated to plummet to $0.08 per THash/s per day. $0.25 in March, still $0.25 in November 2021 rose to $0.45However, both November’s $0.45 and March’s $0.25 should be considered high levels, and the current levels can be considered relatively normal.
Ethereum mining for merger
It should also be noted that many Ethereum miners are preparing to exit. After mergerETH can no longer be mined, so they may be investing the capital normally used to refurbish machines in order to purchase more machines to mine BTC.
As a matter of fact, if you look at the hashrate graphand given the difficulty, bitcoin miners seem optimistic about the future.