Bitcoin Mining Difficulty Drops, More Trouble For BTC Price?

Bitcoin Mining Difficulty Drops As Mining Firms Unplug

January 3, 2023 Story: Mohd Javed

Bitcoin’s mining difficulty level fell 3.59% on Tuesday morning in Asia.

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The mining difficulty reading came in at 34.09 trillion at block height 770,112 in Tuesday’s biweekly adjustment, following a 3.27% rise in the previous adjustment on December 19.

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The latest Bitcoin mining difficulty reading was nearly 40% higher than on January 8 of last year, when the difficulting reading was at 24.37 trillion.

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Many U.S.-based miners were forced to switch down their facilities last month due to deadly blizzards.

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The mining difficulty, a measurement unit used in the process of Bitcoin mining, indicates how difficult it is to solve a complex cryptographic puzzle.

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More miners joining the effort means that the network is growing — which is good for Bitcoin’s price in the long run.

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Bitcoin miners’ revenue per day is at a current level of 16.45M, up from 16.17M yesterday. This is a change of 1.69% from yesterday.

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