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Bitcoin mining difficulty is anticipated to reach a new record high

Bitcoin Hashrate
Bitcoin Hashrate / Image Credit: CRYPKYP
Source: CryptoSlate
1663142757 14 Sep / 08:05

The Bitcoin (BTC) mining difficulty will reach a new all-time high on September 13 at 8:21 p.m. GMT, according to Glassnode statistics examined by CryptoSlate. This 3.5% rise is predicted to occur within the next few hours.

The mining difficulty indicates how tough it becomes for miners to validate network transactions. The mining difficulty grew by 9.26% to reach 30.98 trillion two weeks ago, its largest rise since January.

A 3.7% increase will surpass the May 11 record mining difficulty at 31.25 trillion. Hashrate is predicted to increase as well. According to Glassnode statistics, the Bitcoin mining hashrate is also anticipated to reach a new record high.

An expert from CryptoQuant noted that the BTC mining hashrate has been growing recently.

Given the recent decline of the asset’s price below $19,000 on the market, the increase in mining difficulty and hashrate may appear unexpected.

However, after a summer heat wave forced many miners to cease operations, the onset of winter weather has led to the activation of additional machinery.

Miners are required to be more productive. Several miners have just installed the Antminer S19 XP, which is more effective and produces less heat.

Due to the drop in Bitcoin’s price, miners must now operate more efficiently if they hope to generate a profit.

However, not every miner is affected by the market drop. Some, such as CleanSpark, are capitalizing on the circumstances to grow their business.

CleanSpark has agreed to purchase the mining facility of Mawson Infrastructure Group for $33 million, in addition to acquiring some of its ASICs for around $9.5 million.

Earlier this year, the Bitcoin miner purchased 10,000 Antminer S19j Pro for $28 million and multiple Bitcoin mining sites around the United States.

However, after the White House study highlighted the potential of a ban if carbon emissions continue to climb, miners in the nation may be required to find ways to make their operations sustainable.

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