The difficulty of bitcoin mining has increased again

The index increased much less than at the beginning of the month, when it was up 13%.

The difficulty of bitcoin mining has increased again

Bitcoin’s mining difficulty increased by 3.4% as a result of another recalculation. Earlier this month, the figure climbed 13.55%, the highest since May 2021, when it jumped 21.5%.

Network complexity determines the amount of processing 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 the block’s time to be found at around 10 minutes.

Currently, the network complexity of the first cryptocurrency is a record 36.84T. Bitcoin’s hash rate is at 257.77 EH/s. In October, the blockchain’s hash rate peaked at 266 EH/s.

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

On October 24, bitcoin is trading at $19.3 thousand. Over the past 24 hours, the cryptocurrency gained 0.7%. Its market capitalization is $370 billion with daily trading volume of $24.6 billion.

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