Bitcoin mining difficulty is expected to jump 4.51% to hit a record high of 29.50 T in the next few hours as adoption increases. The current difficulty on the entire Bitcoin network is 28.23 T and the hashrate is 219.65 EH/s.
The last time Bitcoin mining difficulty reached ATH was on March 31, when the BTC price was trading near $48k levels. The Bitcoin price is currently trading in the 39k-40k range as the supply is to get impacted in a few hours.
Bitcoin Mining Difficulty Increasing on the Bitcoin Network
As per data by BTC.com, the bitcoin mining hashrate is continuing to push record high as demand for Bitcoin increases. However, the hashrate had fluctuated massively in the last two weeks as the price witnessed massive fluctuations too amid whale accumulation.
After a drop in Bitcoin mining difficulty by 1.26% at block height 731,808, the bitcoin network is expected to witness an increase in Bitcoin mining difficulty by 4.51% on April 28. Hence, it will effectively decrease Bitcoin mining rewards for miners. Currently, the mining reward stands at $6.25 BTC.
The Bitcoin mining profitability has increased with the continued increase in Bitcoin adoption. Despite, the price has failed to move higher in 2022, the rapid increase in hashrate points to a good adoption rate. With the Bitcoin circulation supply rising above 90%, Bitcoin mining has reached a key inflection point.
Many Bitcoin miners are looking for energy-efficient ways of mining bitcoins as they switch to better mining rigs such as Bitmain Antminer S19 Pro. Also, the use of renewable sources of energy is in focus. The Bitcoin prices could rise higher as bitcoin adoption continues to rise.
Bitcoin Mining Rises Amid Increased Demand
The interest in cryptocurrencies, including Bitcoin, is growing as retail and institutional investors see the benefits of investing in them. Big bitcoin miners have expanded rapidly in North America and currently looking to expand into crypto-friendly countries such as the UAE and Switzerland as Bitcoin mining becomes more sustainable. Recently, Fort Worth City Council approved a Bitcoin mining program, becoming the first city to mine bitcoin.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.