Bitcoin mining difficulty on Thursday has hit a new high of 28.59 T surging 4.13% on the entire Bitcoin network.
According to BTC.com, the bitcoin mining difficulty has increased after facing two consecutive declines in bitcoin mining.
It depicts Bitcoin mining hitting a critical inflection point as the adoption of Bitcoin rises. After reaching a high of $48,086 on March 29, the BTC price is currently trading near $47,000.
Bitcoin Mining Difficulty increases on Bitcoin Network
A cryptocurrency reporter Colin Wu disclosed the rise in bitcoin mining difficulty on the Bitcoin blockchain in a tweet on March 31. 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 data from BTC.com, the Bitcoin mining difficulty has reached 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. The bitcoin hash rate, on the other hand, has stayed stable at around 200 EH/s with the current hash rate being 204.58 EH/s.
After China’s crackdown on bitcoin and crypto mining in May 2021, the difficulty of mining Bitcoin reduced dramatically. Crypto miners are being forced to shut down their machines and relocate to other countries such as Kazakhstan, the United States, and Southeast Asia.
With bitcoin mining’s difficulty soaring and miners looking towards renewable energy sources, Bitcoin adoption will further increase.
Bitcoin Adoption and Mining Soaring
The interest in cryptocurrencies including Bitcoin is growing around the world. Also, businesses, countries, and individuals are exploring the crypto and blockchain markets, employing digital currency, and driving technological innovation.
Oil and gas giant ExxonMobil recently stated plans to consider bitcoin mining with more natural gas, and Russian Deputy Minister of Energy Evgeniy Grabchak has also encouraged the government to legalize crypto mining.
With bitcoin mining difficulty increasing and redistribution of bitcoin among short and long-term holders, the price of bitcoin could reach a new high as adoption continues to rise. In March, the price of Bitcoin (BTC) has increased by more than 25%.
