Lighting up the Bitcoin Difficulty Chart With Third Increase in 6 Weeks
Happy feelings of joy and excitement erupted in the cryptoverse when news began to circulate of Bitcoin’s third difficulty increase in six weeks.
Yes, that’s right – it’s time to heat up the Bitcoin Difficulty Chart again. But don’t worry – before you go scrambling for your fire extinguisher in panic, this time it’s actually good news!
Bitcoin Difficulty – What is it?
If you’re a bit hazy on what is Bitcoin difficulty, don’t worry – you’re not alone. Bitcoin difficulty is an indication of the miner’s difficulty to solve the algorithms that are needed to create new blocks and add them to the blockchain.
Put simply, the higher the difficulty, the harder it is to solve the algorithms. This means that miners need more power and energy to successfully mine Bitcoin, making it more expensive.
The Latest Difficulty Increase
This latest difficulty increase has pushed the total difficulty level up by 11.26%, to a figure that is 14.95 trillion.
But don’t worry, miners remain undeterred and the high hashrate confirms this. All of this indicates that Bitcoin miners have remained optimistic, despite the difficulty increase and the surging cost of mining.
Why is the Difficulty Increase Good News?
The increased difficulty is good news for Bitcoin miners, since it reflects the cryptocurrency’s increasing popularity. As more people jump on the bandwagon and more miners join the network, the difficulty rises in response.
This is great news, since miners get rewarded for their efforts with brand-new Bitcoin. The more people who mine Bitcoin, the higher the block rewards will be, so the latest difficulty increase is definitely something to celebrate.
What Does This Mean for Bitcoin Miners?
This latest difficulty increase is excellent news for all Bitcoin miners. Even with higher operational costs, miners remain undeterred, since the potential payouts are too good to pass up.
The surge in mining activity has given miners the perfect opportunity to get out there and start mining.
For those who are new to mining, here are a few tips to get started:
- Choose the Right Hardware – Make sure you take the time to research and select the right hardware for your needs.
- Run Mining Calculations – It’s important to use a mining calculator to work out the potential profits. This can help you manage costs and pick the most efficient mining rigs.
- Secure Your Earnings – With the volatile nature of Bitcoin mining, it’s important to make sure you store any mined coins in a secure, offline wallet.
So there you have it – the third Bitcoin difficulty increase in six weeks.
This is great news for miners, since it indicates that the popularity of Bitcoin is continuing to rise. Despite the higher costs of mining, miners have remained optimistic and the high hashrate confirms this – now is the time for miners to put their skills to the test and make some serious crypto-cash.
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