- Bitcoin mining difficulty fell by 7.32% for the first time since July 2021.
- Luxor hashprice shows a 20% fall in mining profitability over the past month.
- The computing power is split between 12 smaller mining pools and five larger ones.
The difficulty of mining a bitcoin block fell by 7.32% today, with miners powering off machines as a brutal bear market eats into profit. The adjustment at block height 766,080 is the most considerable downward shift since July 2021, as confirmed by BTC.com.
Following China’s ban on bitcoin, hordes of Chinese miners began shutting down operations at a time when China was the largest bitcoin mining hub.
To maintain a fairly constant time for mining a bitcoin block, the mining difficulty automatically varies by the hashrate or computing power measured online. Simply put, the difficulty increases in parallel to the number of miners.
The value of bitcoin has been frustratingly weak for several months, paired with ever-rising electricity costs, which has stunted miner profit margins considerably.
While Compute North filed for Chapter 11 bankruptcy, major producers like Core Scientific (CORZ) and Argo Blockchain (ARBK) are struggling with financial issues.
As long-term mining initiatives have been completed, the hash rate has increased even more as equipment efficiency improves rapidly.
An uptick o ...
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