Bitcoin mining difficulty has dropped 7 times this year, risen 20 times!

Bitcoin mining difficulty has continued its regular upward movement in 2023, which it started from 2022. As it is known, in the past, when prices fell, the difficulty of mining decreased and miners acted accordingly.

However, with the year 2022, there was a big break in this trend. The Russia-Ukraine war, the Terra LUNA collapse, and the FTX crisis pushed the price of Bitcoin to lows of $17K and $15K. However, instead of decreasing, Bitcoin mining difficulty has steadily increased and set new records during this challenging period.

This situation also made the work of the miners seriously difficult. While costs have increased, some players have gone bankrupt, while others have come back from the pole.

Now big companies have stepped in

In 2024, the mining difficulty is expected to continue to rise. In 2023, the difficulty was adjusted 27 times, increased exactly 20 times and decreased only 7 times. This shows that miners' enthusiasm in this regard has not decreased. Because as new machines arrive and the competition between companies heats up, the mining difficulty is increasing. This race also increases the security of the Bitcoin system. The increase in mining difficulty also pushes small players out of the race who cannot afford new and technological devices. Now, the mining industry is under the control of giant companies that operate thousands of machines and do not hesitate to spend tens of millions of dollars on the purchase of new devices every year.

The record came in the last adjustment

The difficulty level, which started 2023 with 34 trillion, is now over 72 trillion. The last adjustment, which took place on Dec. 23, also saw a 7% increase, and the difficulty rose above 70 trillion (72 trillion) for the first time in Bitcoin's history. The year 2023 also saw the mining difficulty for the first time; It was recorded as the year in which it exceeded 40, 50 and 60 trillion.

Published: December 27, 2023 09:02