Bitcoin mining difficulty increased by 13.5% and broke the previous record

This is the strongest increase since May 2021. Cryptocurrency mining complexity rises as computing power grows

Bitcoin mining difficulty increased by 13.5% and broke the previous record

On Oct. 10, Bitcoin’s mining difficulty rose 13.55%, the biggest increase since May 2021, when the difficulty jumped 21.5%. Normally, the figure increases or decreases within 10% every two weeks. The previous record was on Sept. 14, when the complexity reached 32.05 T (difficulty target).

Network complexity determines the amount of computing power required to find a new block in the bitcoin blockchain. This parameter changes every 2016 blocks, or about once every two weeks. This is necessary to maintain a block time of about 10 minutes.

The complexity is now 35.61 T with a network hash rate (total running capacity) of 259.52 EH/s, which is also a record high. This increase in numbers suggests that the number of miners is increasing and the competition among them is growing.

At the same time, given the current price of bitcoin, the profitability of mining is close to zero. According to experts, at a price of $20,000 per bitcoin the profitability of mining enterprises is already close to the cost price (about $15,000 -17,000), and in some cases goes into negative values.

As of 2:40 p.m. on October 10, Bitcoin is trading near the $19,300 mark, showing a daily decline of 1%. Market capitalization of the first cryptocurrency is $371 billion with daily trading volume of $17 billion.

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