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Bitcoin Mining Difficulty To Hit ATH Soon, What Does It Mean?

Bitcoin mining difficulty is expected to jump 4.51% to hit a record high of 29.50 T in the next few hours as adoption increases.
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Bitcoin Mining Difficulty To Hit ATH Soon, What Does It Mean?

Bitcoin mining difficulty is expected to jump 4.51% to hit a record high of 29.50 T in the next few hours as adoption increases. The current difficulty on the entire Bitcoin network is 28.23 T and the hashrate is 219.65 EH/s.

The last time Bitcoin mining difficulty reached ATH was on March 31, when the BTC price was trading near $48k levels. The Bitcoin price is currently trading in the 39k-40k range as the supply is to get impacted in a few hours.

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Bitcoin Mining Difficulty Increasing on the Bitcoin Network

As per data by BTC.com, the bitcoin mining hashrate is continuing to push record high as demand for Bitcoin increases. However, the hashrate had fluctuated massively in the last two weeks as the price witnessed massive fluctuations too amid whale accumulation.

After a drop in Bitcoin mining difficulty by 1.26% at block height 731,808, the bitcoin network is expected to witness an increase in Bitcoin mining difficulty by 4.51% on April 28. Hence, it will effectively decrease Bitcoin mining rewards for miners. Currently, the mining reward stands at $6.25 BTC.

Bitcoin Mining Difficulty. Source: BTC.com

The Bitcoin mining profitability has increased with the continued increase in Bitcoin adoption. Despite, the price has failed to move higher in 2022, the rapid increase in hashrate points to a good adoption rate. With the Bitcoin circulation supply rising above 90%, Bitcoin mining has reached a key inflection point.

Many Bitcoin miners are looking for energy-efficient ways of mining bitcoins as they switch to better mining rigs such as Bitmain Antminer S19 Pro. Also, the use of renewable sources of energy is in focus. The Bitcoin prices could rise higher as bitcoin adoption continues to rise.

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Bitcoin Mining Rises Amid Increased Demand

The interest in cryptocurrencies, including Bitcoin, is growing as retail and institutional investors see the benefits of investing in them. Big bitcoin miners have expanded rapidly in North America and currently looking to expand into crypto-friendly countries such as the UAE and Switzerland as Bitcoin mining becomes more sustainable. Recently, Fort Worth City Council approved a Bitcoin mining program, becoming the first city to mine bitcoin.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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