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Mining Difficulty for Bitcoin Rises 3% From The 13% Earlier This Month

Toward the end of the weekend, it was observed that Bitcoin's mining difficulty increased by about 3.4% compared to the previous weekend....
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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.

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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.

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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.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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