The effort to mine a Bitcoin block has gone up by 3.6% today, marking an all-time low for the network. But the adjustment put extra pressure on miners.
Although not the most significant leap in the history of adjustment difficulties, the 3.6% walk brought the overall network problem of Bitcoin to a record high of 17.56 trillion (T). The last time network problems came close to that figure was in July.
Difficulty mining Bitcoin is adjusted almost every week. If blocks are mined too fast or too slow, the effort adjusts to regain control of the speed.
An upward adjustment in difficulties with Bitcoin mining is typically linked to a similar increase in network hashing power – the amount of computing on the network.
Indeed, on August 15, the hash rate of Bitcoin hit its own record high 136 trips per second (EH / s). After a brief decline in the following week, the hash rate returned to around 120 EH / s – apparently due to floods in China, a prime region for Bitcoin mining due to cheap hydroelectric power. And it is set to continue to break with new heights.
Bad news for retail Bitcoin miners?
According to Thomas Heller, chief operating officer at Bitcoin mining company HASHR8, the amalgamated rise of both hash rate and difficulty could spell trouble for less sophisticated miners.
“As difficulty and hash rate continue to increase, the old-gen machines will struggle to keep mining,” Heller explained, adding, “The S9 is the most advanced machine still mining, and it still is. profitable at $ 0.03 / kWh power available for current hosting in China.However, after October, when the rainy season is over, and hosting prices are $ 0.05 / kWh +, then it is likely that S9s at that price point will not be profitable. “
Per data of BTC.com, the next adjustment of difficulties, penned before September 7, is rumored to bring yet another increase, this time by 3.5%, and pushed the network problem of Bitcoin to another heyday and past 18 trillion territory. There is everything for me.
