Bitcoin (BTC) mining difficulty has risen for the fourth consecutive time, hitting a new all-time high. The network’s hash rate also continues to hit all-time highs. This is how BTC miners are currently seeing their income increase.
Bitcoin (BTC) mining difficulty on the rise
Yesterday, Bitcoin’s mining difficulty increased by 2.23% to the height of block 784,224. This is the difficulty and time required to find a suitable hash for each block on the blockchain. This mining difficulty changes approximately every two weeks as the network automatically adapts to variations in its hashrate. This helps ensure that the Bitcoin (BTC) network continues to process blocks every ten minutes or so, rather than slowing down or speeding up over time.
This is the fourth consecutive increase in Bitcoin mining difficulty. The increase was 7.56% on March 23 while the previous two increases were 1.16% and 9.95%. The last adjustment carries the measurement of the difficulty to 47.89 trillion, setting a new record high. The hash rate or hashrate of Bitcoin (BTC) is also on the rise. Computing power reached a new record of 342.16 PE/s, with the average block duration remaining under ten minutes.
Miners’ income increases
The increase in network difficulty and hash rate of Bitcoin (BTC) makes the cost of operating the network more expensive. But miners’ incomes have also increased. The principle of mining is that minors, that is to say those who participate in securing the network, are rewarded in BTC. Their income then takes into account inflation-linked rewards, i.e. block grants, as well as transaction fees.
Last month, Bitcoin (BTC) miners earned nearly $732 million from block grants that are their main source of income. Adding transaction fees, they then earned $755 million. But despite rising revenues, profitability remains well below all-time highs.
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