Bitcoin Mining Difficultys Record Setting Streak Shows No Signs of Stopping
Nasdaq The bitcoin mining difficulty - a measure of how easily miners can discover a block of bitcoin - is set to surpass the 50T mark on Wednesday, setting a new all-time high, and its could continue to grow further.
The rally inbitcoin pricesthis year and rise in popularity for the Ordinals protocol has led to better profitability for the miners, and miners are continuously deploying more mining machines, as planned. These factors contribute to more computing power, which leads to record difficulty levels.
The bitcoin mining difficulty adjusts automatically as the more computing power, or hashrate, gets added to the network, in order to keep the time required to mine a block stable at about 10 minutes.
New-generation machines will continue to get plugged in as rack space is made available, said Ethan Vera, chief operating officer at mining services firm Luxor Technologies.
Read more: Bitcoin Mining Difficulty: Everything You Need to Know
Meanwhile, the popularity of the ordinals protocol has led to transaction fees three times higher than normal, adding to miners revenue, Vera said.
