Mining Difficulty Reaches New Peak, Bitcoin Celebrates With A Truly Terrifying Difficulty Increase
For those of you who really enjoy a challenge (or haven’t realized that there’s a finite amount of bitcoins to mine!), good news: Bitcoin mining difficulty just swelled to an all-time high!
Wait… What Is Mining Difficulty?
Mining difficulty is a measure of how hard it is to locate and verify blocks in the Bitcoin network. The higher the mining difficulty, the more difficult it is to successfully add new blocks to the blockchain.
Bitcoin Mining Difficulty Just Skyrocketed
The Bitcoin Network recently experienced a 10% increase in mining difficulty, representing the largest difficulty increase since January 2021. This spike raises Bitcoin’s overall mining difficulty to an all-time high! Why is that? Well, as more miners join the network, competition increases, thus driving up the difficulty.
How Does This Affect Miners?
The higher mining difficulty means that miners will need to invest in more advanced mining hardware, as well as more energy efficient mining software, in order to remain competitive. Additionally, miners need to be aware that it will take longer for them to successfully complete a block and receive a reward for their efforts.
No Time To Rest On Your Crypto Laurels
Sure, the news of higher mining difficulty might be discouraging for some, but Bitcoin miners need to keep their chins up and embrace the challenge. After all, Bitcoin has proven to be a great investment (and why would it want to make it too easy?). So, grab those shovels and get ready to start digging…if you dare!
The Takeaway
Bitcoin’s mining difficulty just hit an all-time high, rising 10%. This means that miners will have to invest in more powerful GPU’s, as well as more energy-efficient mining software, in order to remain competitive. Also, expect longer times before blocks are completed, leading to slower rewards. Despite this, Bitcoin hodlers need to keep their spirits up, embrace the challenge, and get ready to dig (if you dare!).
