March 29, 2024

BTC mining profitability and difficulty peaked

BTC mining profitability and difficulty peaked

The difficulty of mining bitcoin has risen significantly after another recalculation this Friday.Increaserelative to the previous two-week period was 5.82%. As a result, the indicator was at a new high of 23.14 T. This is the largest change in percentage terms since January 9.

The observed dynamics speaks of joiningnew computing power to the bitcoin network. So, the average hash rate in 14 days increased from 156 EH / s to 165 EH / s. An increase of 9 EH / s corresponds to 90 thousand pieces of equipment of the latest generation, for example, AntMiner S19 Pro from Bitmain.

The recalculation of the difficulty of Bitcoin mining is laid onalgorithm level and occurs every 2,016 blocks or, on average, every two weeks. This allows the block release rate to be kept relatively constant regardless of fluctuations in the amount of computing power on the network.

In February and March, miners usedthe advantages of the low rate of increase in the complexity of mining cryptocurrency compared to the growth of its rate. March turned out to be a record month for Bitcoin miners in terms of income - its size exceeded $ 1.5 billion.

“In September 2020, few could imagine the magnitude of the current recovery. Then the monthly income of miners was $ 329 million.This is an increase of 373%,- writes the analytical firm Arcane Research.

The current growth in profitability is a reward for those miners who already had everything ready before the climb or who had an excellent forecast of events back in the third quarter of 2020 ”.

The network hashrate is projected to increase substantially in the second quarter thanks to new equipment shipments ordered at the end of last year.

“Today's moderate-to-large increasethe complexity is not surprising. I guess these are just echoes of what we have to see this year and next, as delayed supplies of equipment begin to arrive. The expected influx of hashrate to the market will only continue to push the difficulty of Bitcoin mining upwards. It must match the price. "Whit Gibbs, CEO of Compass mining company, said.

Cloud mining: TOP-5 services for 2021

Cloud mining is the optimal formatmining cryptocurrency for 2021. This is a model for earning cryptocurrency by renting equipment (hashrate), mining is carried out due to the management of equipment by a contractor who solves all issues related to technical and software components.

Cloud mining setup does not requirea productive computer or knowledge in the field of blockchain and cryptocurrencies in general. Setting up in this case consists in going through the standard registration procedure on the service website, choosing a tariff plan and paying for the contract. Then the user specifies the address (personal wallet) where the mined cryptocurrency will be withdrawn.

Rating of TOP-5 cloud mining services (with current estimates for 2021):

Service Rating Detailed overview
IQ Mining (Editor's Choice!) 9.5 Read the review
ECOS 7.2 Read the review
YoBit VMining 6.5 Read the review
BitDeer 6.4 Read the review
HashFlare 6.3 Read the review

BTC mining profitability and difficulty peaked

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