• Bitcoin mining difficulty has reached a new all-time high on Sunday, January 29th.
• The difficulty is now set at 39.35 terahash per second on a seven-day basis.
• Forecasts for the next adjustment are set at an upward 3.63% which would put the difficulty at a new all-time high.
The Bitcoin mining difficulty has once again hit a new all-time high on Sunday, January 29th, when the difficulty underwent a 4.68% adjustment that saw it shoot up to 39.35 terahash per second on a seven-day basis. This adjustment is one of the largest positive adjustments so far for the year, and with this new ATH comes brand new implications for the digital asset.
Over the last 30 days alone, the bitcoin mining difficulty has already seen an increase of 11.27%, an indication of more miners plugging back into the network. This increased competition is beneficial for the digital asset, as not only does it help secure the network, but a high level of demand for bitcoin will bring more rigs online. As a result, miners will need to increase their hashrate to be able to efficiently mine the same volume as they used to.
The next difficulty adjustment is expected to take place on February 11th, with forecasts set at an upward 3.63%, which would put the difficulty at a new all-time high. This is an exciting prospect for miners, as it could bring about increased mining rewards and profits, but it also means that the mining process is becoming more difficult.
Nevertheless, miners should be prepared for the new difficulty, and should ensure that their rigs are up to date and ready to take on the challenge. With the right preparation and dedication, miners can still make a healthy profit from their activities, and the new difficulty presents an opportunity for those who are willing to take the risk.