Bitcoin (BTC) miners will likely notice bitcoin crashing in the near future. The network difficulty was fixed yesterday and reached an all-time high. In short, mining BTC has never been so difficult, while the price has gone down.
Bitcoin Difficulty registering
Since July 2021, the computing power of the Bitcoin network has been on a clear upward trend. Computing power took a huge hit just before China imposed a mining ban.More and more miners from other parts of the world then joined the network after discovering that it could be a very lucrative business. And over the past year, this attraction has been mainly due to the rise in the price of bitcoin.
To ensure that a block of transactions is added to the blockchain on average every 10 minutes, the network automatically balances itself by adjusting the difficulty. This adjustment occurs every 2016 blocks. If the block time has averaged less than 10 minutes during this time, the difficulty increases.This makes work harder for miners and block times should return to 10 minutes.
After the steady upward trend in computing power, which also hit an all-time high in early May, yesterday the difficulty increased by 4.9%. It has never been so difficult for miners to mine bitcoins!