Bitcoin Mining Difficulty Hits All-Time High
The Bitcoin mining complexity level increased by 10.26% today morning in Hong Kong, reaching a historical high of 37.59 trillion, as per statistics from BTC.com, after some U.S.-headquartered miners returned online after being pushed offline by the latest winter storms.
The Bitcoin complexity reading in 2022 was 26.64 trillion, over 30% less than the recent figure. The value of Bitcoin at the time was over twice what it is now. While preparing this article, the price of Bitcoin was trading at $21.146, reflecting a gain of 2.1%.
Back in December, Bitcoin mining complexity began to decline as miners throughout the United States were compelled to cease operations owing to snowstorms that killed a minimum of 60 people. The Bitcoin mining complexity, which decides the quantum of computing power needed to validate blocks on the blockchain, fluctuates once in two weeks on average.
Increasing mining complexity and lower Bitcoin values have reduced the profits of mining companies. Compute North Holdings Inc. and Core Scientific Inc., both located in the United States, filed for bankruptcy i the final leg of 2022.