Bitcoin mining difficulty on Thursday has hit a record high of 28.59 T, rising 4.13% on the entire Bitcoin network. As per data from BTC.com, the difficulty in mining bitcoin has increased after facing two consecutive declines in bitcoin mining. It shows Bitcoin mining reaching a key inflection point as the adoption of Bitcoin rises. Currently, the BTC price is trading near the $47,000 level after hitting a high of $48,086 on March 29.
Bitcoin Mining Difficulty Rises on the Bitcoin Network
Crypto reporter Colin Wu announced in a tweet on March 31 regarding the increase in bitcoin mining difficulty on the Bitcoin blockchain, the tweet reads:
“According to BTC.com data, after experiencing two consecutive declines, the difficulty of the entire Bitcoin network increased by 4.13% to 28.59T on March 31, continuing to hit a record high.”
According to BTC.com data, the Bitcoin mining difficulty has hit a record high, which will decrease Bitcoin mining rewards for miners. The previous all-time high mining difficulty of 27.97 T was recorded in mid-February. Since then, the bitcoin mining profitability has increased as Bitcoin is pushing for mainstream adoption. However, the bitcoin hashrate has remained constant near the 200 EH/s level, with the current hashrate being 204.58 EH/s.
The Bitcoin mining difficulty dropped significantly after the Chinese crackdown on bitcoin and crypto mining in May 2021. Making crypto miners to shut down machines and shift to other countries such as Kazakhstan, the U.S., and other Southeast Asian countries.
With bitcoin mining difficulty rising continuously and miners looking toward renewable energy sources, Bitcoin adoption will increase further.
Bitcoin Adoption and Mining Rising
The interest in cryptocurrencies including Bitcoin is growing around the world. Moreover, businesses, countries, and people exploring the crypto and blockchain market, using digital currencies, and driving technological innovation.
Oil and gas giant ExxonMobil recently announced plans to consider bitcoin mining with additional natural gas, and Russian Deputy Minister of Energy Evgeniy Grabchak also urged the government to legalize crypto mining.
With bitcoin mining difficulty rising and Bitcoin undergoing a redistribution among short and long-term holders, the Bitcoin price could hit a new high as adoption continues to rise. The Bitcoin (BTC) price has rallied more than 25% in the month of March.
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Source: https://coingape.com/bitcoin-mining-difficulty-jumps-record-high-as-adoption-rises/