Toward the end of the weekend, it was observed that Bitcoin’s mining difficulty increased by about 3.4% compared to the previous weekend.
Bitcoin’s mining difficulty rose roughly 3.4%. This brings the total increase to 16.4% this month as the difficulty increased 13% at the beginning of this month.
Although the difficulty only increased 3%, which is nothing near the 13% increase at the beginning of October, bitcoin miners will see a dip in profits.
However, it is normal for bitcoin’s mining difficulty to increase.
Bitcoin’s Blockchain was specifically designed to become more difficult every 2016 blocks mined. This usually happens every two weeks on average. The reason why bitcoins mining difficulty is designed to increase is to help maintain a consistent transaction process. This can cause bitcoin to keep transactions flowing even if the network’s hashrate increases or drops at any given moment.
Bitcoins mining hashrate hit an all time high of 265 EH/s earlier this month, as of today the networks hashrate is steady at 260 EH/s. Estimates suggest that bitcoin miners have accumulated. $420 Million in profits this month alone.