Bitcoin Miners Hit With Record Difficulty as Profitability Drops
Work just became harder for Bitcoin (BTC) miners, as mining difficulty hit another all-time high (ATH), once again cutting into the already decreasing profit margins of miners.
The Bitcoin mining difficulty, or the measure of how hard it is to compete for mining rewards, jumped 4.89%, reaching 31.25 T
This rise follows a nearly 5.6% increase seen two weeks ago when the difficulty reached the 29 T range for the first time in the network's history.
Meanwhile, Bitcoin hashrate, or the computational power of the network, has remained almost unchanged.
In the same time period, however, Bitcoin mining profitability saw a much larger drop, falling nearly 13%. Over the past 14 days, the price of BTC went down 23%. The price went from about USD 39,390 seen on April 27 to the current (15:39 UTC) USD 31,315.
The mining difficulty of Bitcoin is adjusted around every two weeks (or more precisely, every 2016 blocks) to maintain the normal 10-minute block time. The 7-day moving average block time on May 9 was 9.63 minutes.
According to data provided by ByteTree, over the past weeks, miners have spent significantly more of their newly generated BTC than they held.
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(Updated on May 11, at 07:54 UTC, with the latest difficulty data.)