Bitcoin Mining Difficulty Increases Slightly Despite Market Chaos

Although Bitcoin continues to perform poorly in terms of price reaction, the difficulty of mining BTC continues to rise.

Following the current correction on November 7, the difficulty of mining bitcoin has increased by 0.51%. Mining difficulty is the complexity of the computing process employed in mining, and it adjusts every two weeks (or every 2,016 blocks) to keep up with the network hashrate.

The increase in difficulty, combined with a modest dip in hashrate in the earlier this month update, represents a major slowdown in mining activity, which had increased by 3.4% and 13.6% in the previous two releases in October 2022.

Because, in fact, some of the greatest Bitcoin mining businesses have battled to remain solvent, with representatives such as Bitcoin mining mogul Core Scientific on the edge of bankruptcy owing to a lack of funds. Iris Energy must have funds by the end of 2022 or face bankruptcy due to a liquidity crisis.

In general, the price of BTC has been substantially lower than its growth peak in 2021, reaching a new low of $15,800 earlier this week due to a fresh series of FUDs, particularly the Genesis event, which continues to sink into rumors of bankruptcy.

However, the increased mining difficulty makes the process of finding BTC blocks more difficult than ever, demonstrating that despite the current harsh conditions, a portion of miners are still working hard to mine and compete for each BTC. In the face of these challenges, the network’s hashrate remains high, and BTC is far safer than it has been for the past 13 years.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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