March 28, 2024

Bitcoin mining difficulty breaks new record

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Bitcoin mining difficulty breaks new record

New recalculation of mining difficultythe first cryptocurrency shows that the indicator increased by 1.16% and reached 43.55 trillion hashes, setting another record. The new difficulty record makes Bitcoin mining more labor-intensive and less profitable.

The previous record was recorded 25February, when the difficulty of mining Bitcoin reached 43.05 trillion hashes. The difficulty of mining on the network of the first cryptocurrency is recalculated approximately every two weeks. The indicator depends on the hashrate of the network - the higher the indicator, the higher the difficulty becomes. Miners mine a block once every ten minutes, and not more often. 

The next mining difficulty change is due to take place on March 24th. According to market experts, the expected figure will be 45.42 trillion hashes (+4.29%).

Mining difficulty is growing quite steadilysince 2021, when the Bitcoin hashrate dropped significantly after a mining ban in China, and the difficulty dropped along with the hashrate. But since then, miners have moved equipment and continue to purchase new ones, so the hashrate is growing.

Earlier, the American stock exchange CME announcedabout the launch of event-based futures contracts for Bitcoin. In addition, the panic about American banks has decreased, so the BTC rate increased by 10%. On Monday, March 13, the first cryptocurrency was trading at $24,475. During the day, the increase was 9.6%. Trader and cryptocurrency analyst Michael van de Poppe noted that it seems that Bitcoin has returned to its bullish trend and will continue to grow. Unless macroeconomic factors intervene again.