The Difficulty Of Mining Bitcoin Has Reached A New All-Time High

• The complexity increases as the hashrate increases, and vice versa. Bitcoin’s mining difficulty reached a new high of 25.04 trillion on May 13, 2021, as predominantly Chinese and North American miners deployed their units.

• This indicator is expected to reach new highs in 2022 According to Roman Zabuga, a PR manager for mining host BitRiver, Most of the top miners will receive massive deliveries of Antminer’s newest ASIC Antminer S19 XP from July to December 2022. 

• Most Chinese miners expected to return in Q1 2022, so we can attribute a substantial bit of this spike [in difficulty] to Chinese miners eventually coming online in North America, according to Whit Gibbs, CEO of Compass Mining. As Chinese miners sought starter housing for their activities and more facilities got online, the hashrate and complexity continued to grow.

On Jan. 21, at 3:07 UTC, the Bitcoin network’s mining difficulty climbed by 9.32 %, reaching an all-time high of 26.64 trillion, breaking the previous record set on May 13, 2021.

Bitcoin Mining Difficulty Reached A New High Of 25.04 Trillion

To maintain the time it takes to mine a block fairly consistent at 10 minutes, the difficulty is automatically modified based on the amount of processing power on the network, or hashrate. The complexity increases as the hashrate increases, and vice versa. Bitcoin’s mining difficulty reached a new high of 25.04 trillion on May 13, 2021, as predominantly Chinese and North American miners deployed their units. Later in May, the difficulty began to decline when miners in China, the world’s largest bitcoin mining country at the time, went dark to comply with a regulatory crackdown. Until late July, hashrate and difficulty were both decreasing.

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Most Chinese miners expected to return in Q1 2022, so we can attribute a substantial bit of this spike [in difficulty] to Chinese miners eventually coming online in North America, according to Whit Gibbs, CEO of Compass Mining. As Chinese miners sought starter housing for their activities and new facilities got online, the hashrate and complexity continued to grow. By December, the hashrate had largely recovered out of its July lows. According to Jaran Mellerud, a researcher at Arcane Research in Oslo, miners made enormous earnings last year due to the high price of bitcoin, therefore they rushed to get additional mining capacity up as fast as possible.

Analysts and industry insiders anticipate that now the trend would continue far into 2022, with miners in North America, Russia, and Europe preparing to install even more machines if no unexpected events occur, such as China’s crypto mining ban or a sudden drop in bitcoin’s price.

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Miners Will Receive Massive Deliveries Of Antminer’s Newest ASIC Antminer S19 XP

This indicator is expected to reach new highs in 2022 According to Roman Zabuga, a PR manager for mining host BitRiver, Most of the top miners will receive massive deliveries of Antminer’s newest ASIC Antminer S19 XP from July to December 2022. These deliveries will increase the challenge over the entire year of 2022 Mellerud explained. ProofOfWork.Energy consultant based in Europe Mining, according to Alejandro de la Torre, continues to grow in unexpected ways. Many people in Europe are currently mining bitcoin with spare, unused electrical capacity or are about to start mining bitcoin, he claimed.