It’s being caused by BTC miners in Texas turning their machines back on after a heat wave prompted a mass switch-off over summer, and a higher difficulty level means a lower chance of receiving profits for mining companies. Bitcoin mining difficulty has risen by over 9% in the last two weeks in the largest increase in difficulty since January.However, the fact that mining profits were below $1bn for a fourth consecutive month in August is still gonna have a lot of miners p’d off.īTC miners battle for profits Bitcoin miners battle to break even with skyrocketing difficulty levels making profit margins as thin as your cat squeezing under the neighbor’s fence. Scott Norris, co-founder of private BTC mining company LSJ Ops, said that it’s an “indicator of a strong and growing network”. According to some, high mining difficulty is actually a rly good sign.BTC’s not been having a great time of it recently, dropping by almost 10% on Tuesday and sustaining losses since then, joined in its declines by the broader market with ETH and BNB plummeting around 8% and 5.6% the same day – the overall crypto market closed below $1tn on Wednesday.

Profits for Bitcoin miners are now looking mighty thin as greater computation power is required to mine.

This is the second significant increase in three weeks with difficulty shooting up by 9.26% on August 31.

Bitcoin’s mining difficulty has reached a new all-time high, jumping by 3.45% on Tuesday to 32.05tn hashes.

Coming to the end of the tunnel? Bitcoin mining’s becoming a bit like playing chess with your know-it-all dad – too hard to even be fun anymore.

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