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Bitcoin Mining Becomes Harder while US Miners are Ready to See New Production Records

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by Juhi Mirza · 3 min read
Bitcoin Mining Becomes Harder while US Miners are Ready to See New Production Records
Photo: Depositphotos

Bitcoin mining difficulty records its growth in double digits as hash rates recuperate slowly. The next mining difficulty adjustment is said to arrive in about 24 hours with a 12% increase.

As the Bitcoin hash rate is currently recovering at a slow rate, the BTC mining difficulty has recorded its growth in double digits. Based on the current block production period, the next anticipated mining difficulty adjustment is said to arrive in 24 hours with an estimated increase of 12%.

This comes at a time when the BTC hash rate was recovering from the incessant onset of regulations and clampdowns imposed by the Chinese government.

The Next Bitcoin Mining Difficulty Adjustments Is Said to Incur in 24 Hours with 12% Increase

The seven-day hashing power securing one of the world’s leading blockchain is currently holding 126 exahashes per second which is 20% higher than the hash rates recorded in July when the network was in the early stages of recovery. The current mark was higher than the recent rock bottom of 90 exahashes that BTC experienced in early July. That being said, the current hash rate of BTC is still down by 30% from its usual peak of 180 EH/s. This value was secured before the Chinese authorities had imposed regulatory shutdowns on crypto proceedings which have resulted in BTC hash rates getting severely affected in the process.

A hash rate is a measuring unit that commonly refers to the power of processing that a Bitcoin network possesses. BTC network is an extensive web of critical mathematical calculations to be done and verified in each passing second. When a hash rate is said to have achieved the mark of 10Th/s, this means that now the network can easily maintain and calculate 10 trillion calculations per second.

Bitcoin Miners in North America Reap Stable Benefits despite Facing Network Difficulty

Following the course of China exercising a regulatory shutdown on crypto, miners across the world, on the other hand, have also gained tremendously from this multi-billion dollar market. The North American BTC mining firms have issued their earnings acquired in Q2, which have successfully broken all previous set records and continue to derive profits despite experiencing BTC mining difficulty scares.

According to the Block, there are several Bitcoin mining firms in Canada and the USA that have mined more than 58% of Bitcoin in July as compared to the value mined in June. Moreover, the on-chain data has disclosed that Mara Pool, a proprietary mining firm acquired by Marathon Digital Mining was among one of the two major BTC mining firms that had managed to mine 51 blocks in August. Their Q3 production has successfully passed their Q2 expectations and valuation with an average of 442 BTC mined in July.

Bitcoin mining was severely affected this year, as China had adopted a strict stance that had resulted in BTC proceedings receiving a severe blow in the region with the cryptocurrency transactions being suspended and halted for an indefinite period. The reason for the suspension of crypto transactions by China was cited as a measure to control the excessive carbon emission that was associated with extensive Bitcoin mining but the hash rates nevertheless had experienced burnout as a result of these constant shutdowns.

More crypto-related news can be found here.

Bitcoin News, Cryptocurrency news, News
Juhi Mirza
Author Juhi Mirza

Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.

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