Bitcoin is the most important and attractive cryptocurrency for miners. This is where people who own a personal computer with powerful specifications can mine bitcoins themselves and then sell them or benefit from them in any way. It seems that Bitcoin mining has become more difficult than ever.
The mining difficulty level is changed approximately every two weeks with modifications made to the mining process algorithms and the blockchain network. This process is done automatically without the intervention of any parties. The difficulty level of Bitcoin mining increased by 7.3%.
Looking at the history of increases in the mining difficulty level, we find that this percentage is very large. Especially since Bitcoin miners in China have started leaving the country after mining was banned to continue operating from other countries.
High difficulty bitcoin mining
Bitcoin miners are making very good amounts of money. Especially after hash rates decreased by 41.2 compared to the level they were in May 2021. China has a big role in this, as when it banned Bitcoin mining in the previous May, the Bitcoin network lost more than half of its processing power due to the disappearance of thousands of devices from the network.
And when these devices stopped mining, the process took more time. This made the increase in the difficulty level require more time to be implemented, because it is applied whenever the 2016 “block” within the Blockchain is filled.
According to the rates, a large number of China’s miners began to return to work, but from other countries, as mentioned, or in ways other than the direct methods that they used to use.
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The significant rise in the difficulty rate is directly indicative of an increase in the number of miners again after declining in May. Some explanations show that some miners inside China were not able to travel for mining in other countries such as the United States of America.
But what these miners have done is sell their powerful machines, which may be worth dozens. To start who bought it mining in other countries more easily.
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However, other expectations indicate that there is a very large number of very powerful devices still trapped inside Chinese territory. These devices are already out of the market, but they have left room for other people around the world to enter.
Whatever conditions the field is going through, Bitcoin mining is something that will not end soon. At least it won’t end before the 21 million bitcoins that make up the network run out.