Bitcoin Mining Difficulty Jumps 15%, Biggest Increase Since 2021

Uk Jin

Summary

Bitcoin (BTC) network mining difficulty rose 15% from the prior level to 144.4 trillion, the biggest upward adjustment since 2021.
After a major winter storm in the US sent hashrate down 12%, mining difficulty surged, underscoring heightened volatility in network conditions.
With hashprice at $23.9 per PH/s, assessments suggest miners’ profitability is under pressure.

Bitcoin (BTC) mining difficulty was adjusted upward by the largest margin in about five years.

According to CoinDesk on the 20th (Korea time), Bitcoin network mining difficulty stood at 144.4 trillion as of that day, up 15% from the previous level. This marks the largest upward adjustment since 2021, when volatility within the network was extreme due to China’s mining ban.

Mining difficulty refers to how hard the computational work is to produce a new block.

The sharp rise in mining difficulty is seen as stemming from the cold snap that previously hit the US. After a major winter storm struck the US late last month, major mining firms temporarily suspended operations. In the aftermath, hashrate plunged 12%.

Some also say the higher mining difficulty will increase the burden on miners. CoinDesk reported that “hashprice, a measure of mining profitability, is stuck at $23.9 per PH/s,” adding that “miners’ profitability is under pressure.”

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