The difficulty of mining bitcoin is still growing
Bitcoin mining is becoming more and more difficult. The latest report published by Glassnode highlights a sharp increase in BTC's mining difficulty, equal to about 8%. According to the numbers, the mining difficulty level has reached its highest level since June 2021.Each bitcoin block requires 930k Exahashes to be solved at an average block time of 10 minutes. Since China's announcement of a ban on cryptocurrency mining in the region, major mining companies have migrated to other countries including the United States, Canada and Russia. While mining revenues have increased substantially over the past 12 weeks, the difficulty level jump has caused several problems for BTC miners.
Credit: Pixabay “Bitcoin mining difficulty has been recovered to 93 e 22 hash. This means that each BTC block requires 930k Exahashes to resolve, at an average block time of 10 minutes. Mining difficulty was only higher during 5 previous difficulty adjustment windows, "Glassnode pointed out.
Mining difficulty has increased by nearly 8% over the past week. Since June 2021, the mining difficulty has steadily increased. However, bitcoin's favorable price levels are supporting BTC's mining operations despite the latest challenges.