Bitcoin (BTC) mining difficulty has risen for the fourth time in a row, reaching a new all-time high. The hash rate of the network also continues to reach all-time highs. This is how bitcoin miners are currently seeing their income increase.
Bitcoin (BTC) Mining Difficulty Increasing
Yesterday, bitcoin mining difficulty increased by 2.23% to a block height of 784,224. This is the difficulty and time required to find a suitable hash for each block on the blockchain. The mining difficulty changes approximately every two weeks as the network automatically adjusts to changes in its hash rate. This helps ensure that the Bitcoin (BTC) network continues to process blocks every ten minutes or so, rather than slowing down or speeding up over time.
This is the fourth consecutive increase in bitcoin mining difficulty. The increase was 7.56% on March 23 while the previous two increases were 1.16% and 9.95%. The latest adjustment brought the difficulty gauge up to 47.89 trillion, marking a new all-time high. The hash rate or hash rate of Bitcoin (BTC) is also on the rise. Computing power reached a new record of 342.16 PE/s, with average block duration remaining under ten minutes.
Increase miners’ income
The increase in network difficulty and the hash rate of Bitcoin (BTC) makes the cost of operating the network more expensive. But the miners’ income also increased. The principle of mining is that minors, that is, those who participate in securing the network, are rewarded with Bitcoin (BTC). Their income then takes into account inflation-related rewards, i.e. block grants, as well as transaction fees.
Last month, Bitcoin (BTC) miners earned nearly $732 million from crowdsourcing which is their main source of income. Adding transaction fees, they then got $755 million. But despite higher revenues, profitability remains well below all-time highs.
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I am passionate about cryptocurrency, a world that I barely discovered 3 years ago. My only goal is to acquaint you with this wonderful universe through my articles.
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