Bitcoin mining difficulty achieved a record high level and rose 1.72% on 20 April. Additionally, there’s an increase in hashrate too in recent data. It clearly shows that miners are using more computing power to mine bitcoin (BTC).
The difficulty rates change every two weeks. It also helps in the measurement of how much computing power for mining blocks to be gained with BTC. A hashrate, which can be expressed in billions, trillions, quadrillions, and quintillions, is a measurement of how many calculations can be carried out each second. A hashrate of 1TH/s, for instance, indicates that one trillion calculations can be completed each second.
According to reports released by BTC.com, the hashrates have been on the rise for the last five data. The mining difficulty reached 48.71 trillion at block height 786,240 in the latest adjustment. With more and more players jumping into the mining industry, bitcoin hashrate has been on the rise since the last few adjustments.
By the data from the hashrate index, we can find whether there’s a rise in the number of mining companies sourcing BTC or there’s a reduction. Additionally, the mining of bitcoin depends on various factors like geographical constraints and infrastructural facilities. According to experts, favorable weather conditions, better equipment, and stable electricity help in increasing production.
It is very difficult to be assured about mining whether will increase or decrease. There are climatic factors that affect production. Summer heat waves or winter storms could hamper the hash rate growth as we have witnessed in the Riot Platforms Inc. case in December 2022.
In the previous report released on 6th April, the difficulty level witnessed a 47.89 trillion increase of 2.23%. Additionally, a report shows that the profitability rate of bitcoin remained at US$ 0.0646 per terahash per second in the last 24 hours. However, it is less than last year which was US$0.2. It will be interesting to see in the next indexes whether the hashrate increasement trend will continue or we will see a dip in the hashrate.