Bitcoin’s (BTC) mining difficulty surged today to its highest level since January, eroding miners’ profit margins as their firms’ profitability drops.
The index rose 9.26% to 30.98 T, nearing its May record high of 31.25 T. The difficulty level changes every two weeks to ensure 10 minutes between blocks. It’s changed 9 minutes recently.
Since the latest difficulty adjustment on August 18, mining profitability has plummeted by almost 15% as BTC’s price has fallen. In the same time range, Bitcoin’s hash rate increased.
Miners increased their net BTC stock last week. As of 08:19 UTC, BTC is trading at USD 20,283, down 1% for the day and 6% for the week.
