On Thursday (UTC), Bitcoin (BTC) mining difficulty hit another all-time high, yet again cutting into the decreasing profit margins of miners.
The Bitcoin mining difficulty, or the measure of how hard it is to compete for mining rewards, increased 4.13%, reaching 28.59 T, compared to the previous ATH of 27.97 T seen in mid-February.
Though the percentage is far from being the highest this year, it was sufficient to lead to the new high as this rise in difficulty follows two consecutive and relatively small drops that had pushed the difficulty a bit lower from the previous ATH.
However, hash rate, or the computational power of the network, has seen a minor decrease since the previous difficulty adjustment two weeks ago. Between then and March 29, the 7-day moving average hash rate is almost unchanged, per BitInfoCharts.com data.
At the same time, Bitcoin mining profitability went up just over 14%, as the price of BTC was rising as well, going from USD 40,922 on March 17 to USD 47,885 on March 29.
The mining trouble of Bitcoin is changed around at regular intervals (or all the more definitively, every 2016 square) to keep up with the ordinary 10-minute square time. The 7-day moving normal square time on March 29 was 9.54 minutes.
As per ByteTree information, in the previous week, diggers have held a greater amount of their recently produced BTC, contrasted with what they’ve spent, while in the weeks earlier, it was the inverse.
At 14:50 UTC, BTC was exchanging at USD 47,151. It was down 1% in a day and up 11% in seven days.
In the interim, the most recent investigation firm Coin Metrics’ report noticed that mining is “a monetarily critical industry,” and that in 2021, complete Bitcoin excavator income was around USD 17bn. This year, right after China’s crackdown on BTC and crypto mining, “North America-based diggers arose as the new worldwide industry pioneers,” they said, adding: