The difficulty of mining the first cryptocurrency has been recalculated, and it has shown a 1.16% increase, reaching a new record of 43.55 trillion hashes.
This new record makes Bitcoin mining more challenging and less profitable. Previously, on February 25, the difficulty of mining reached 43.05 trillion hashes.
The network recalculates the mining difficulty approximately every two weeks, depending on the network hashrate. The more substantial the indicator, the more complex the mining process becomes.
Each block takes around ten minutes to mine, and the next mining difficulty change should occur on March 24. Industry experts predict that the expected figure will be 45.42 trillion hashes, which is a 4.29% increase.
Since 2021, the mining difficulty has been growing steadily, following a significant drop in Bitcoin’s hash rate due to the ban on mining in China.
However, miners have been moving equipment and purchasing new ones, resulting in a growing hashrate.
Recently, the American stock exchange CME announced the launch of event-based futures contracts for Bitcoin, and panic about American banks has subsided, resulting in a 10% increase in the BTC price.
As of March 13, the first cryptocurrency was trading at $24,475, a 9.6% increase from the previous day.
Trader and cryptocurrency analyst Michael van de Poppe believes that Bitcoin has regained its bullish trend and will continue to rise, barring any macroeconomic factors that could intervene.