• The difficulty of mining bitcoin has increased by 8%

  • Bitcoin (BTC) mining is becoming increasingly difficult. Glassnode’s most recent report shows a significant increase in the difficulty of mining Bitcoin. According to the data, the difficulty level of BTC mining has reached its highest level since June 2021.

    At an average block time of 10 minutes, each Bitcoin block requires 930k Exahashes to solve. Since China announced a ban on crypto mining activities in the region, major mining companies have relocated to other countries such as the United States, Canada, and Russia. While mining revenues have increased significantly in the last 12 weeks, the difficulty level increase has caused several problems for Bitcoin miners.

    “The difficulty of mining Bitcoin has recovered to 93e22 hashes.” This means that each BTC block requires 930k Exahashes to solve at a block time of 10 minutes on average. “Mining Difficulty has only been higher during the previous five difficulty adjustment windows,” Glassnode noted.

    During the last week, the mining difficulty increased by nearly 8%. Mining difficulty has steadily increased since June 2021. Despite the recent challenges, Bitcoin’s favorable price levels are supporting BTC mining activities.

    Weekly On-Chain Bitcoin Activity

    After reaching an all-time high of over $66,000 in October, the price of Bitcoin has recently consolidated. The price of BTC increased by nearly 40% in October 2021.

    “Following an exciting week that set a new all-time high for Bitcoin, the closing days of October have seen price pull back and consolidate, with a weekly low of $58,208 and a high of $63,698,” Glassnode said of Bitcoin’s recent on-chain activities. Despite the market softening from its highs and the price briefly falling below $60k, Bitcoin is still up a scorching 40% in October, fueled in part by excitement over the launch of the ProShares Bitcoin Strategy ETF (BITO).”

    Bitcoin has risen by more than 6% in the last seven days. With a market cap of $1.2 trillion, BTC has a 43.3 percent share of the crypto market.

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