When Bitcoin (BTC) breaks all-time highs (ATH for short), the mining difficulty is set to break its record today.
According to mining pool BTC.com evaluations, mining may become the most difficult it’s ever been in several hours from now.
Bitcoin mining difficulty, or the measure of how hard it is to compete for mining rewards, is expected to climb by 1.4%, to 21.7 T. It would be the fourth increase in a row this year.
Since its last adjustment down on December 28, the mining difficulty has already increased by 15%, cutting into BTC miners’ profit margins.
Still, by 46% in the past month alone, BTC rallied, increasing mining profitability and prompting new investments in this industry.
BTC surpassed the USD 58,000 level for the first time. At the time of writing, BTC trades at USD 58,142, hitting its new all-time high. The price is up by 4% in a day and 12% in a week.
The mining difficulty of Bitcoin is adjusted every two weeks (every 2016 block, to be precise) to maintain the average 10-minute block time. Since the last adjustment on February 6, it has been fluctuating between 9 and 12 minutes.
In the meantime, hashrate, or the network’s computational power, has been rising as well, hitting its all-time high on February 5.
Also, miners have been spending more newly generated BTC than they have been holding recently, according to ByteTree‘s data.
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