Bitcoin mining now requires more computing power than ever before. After the recent recalibration, the difficulty of mining on the network has reached an all-time high. The difficulty of mining fluctuates with the change of the total hash rate, and now it has increased to 23.1 trillion, an increase of about 6%. This is the second most difficult increase since the beginning of this year and the fifth in the last six recalibrations.

Bitcoin mining difficulty

For beginners, increasing the difficulty of mining bitcoin may sound counterproductive, but this mechanism plays an important role in adjusting the network, ensuring that blocks are processed at a stable rate, and making the network more resistant to attacks.

After every 2016 blocks are processed (approximately every two weeks), the mining difficulty is automatically recalibrated. The increasing difficulty of mining this year reflects the fierce competition among miners.

In recent months, with the soaring price of bitcoin, the mining industry has gained new enthusiasm, which is now more abundant than ever. In March, bitcoin miners' income reached a record high of $1.5 billion, up 373% from September last year.

With the expansion of mining business scale, in order to take advantage of the growth of bitcoin value, mining difficulty also increases.

According to whit Gibbs, chief executive of compass mining, the significant increase in mining difficulty can be attributed to a large number of new ASIC machines coming online as supply chain problems are solved.

"It's not surprising that the degree of difficulty has increased moderately today, and I hope it's just something to come later this year and 2022, as the number of deployed machines starts to come in and begin to deploy," he said

"The coming hash rate flooding that will enter the market will only continue to push up the mining difficulty of bitcoin, which should be consistent with the price of bitcoin."

Although the prospect of bitcoin's further price rise will attract many people's attention, the increasing difficulty of mining will not help to ease people's concerns about the environmental impact of bitcoin mining. More computing power is needed to compete for cryptocurrency rewards, but more energy still needs to be concentrated in the network, which has consumed more capacity than Sweden.

Then how do ordinary users want to buy bitcoin at this time? There are many bitcoin trading platforms. At the same time, new exchanges are constantly emerging, among which there are some platforms for cheating under the name of the exchange. Therefore, for traders who are new to this field, they must not choose those three no exchanges to guard against stepping on thunder. When choosing the platform, we should try our best to choose the head of the industry. The exchange is relatively more secure, with old seniority, strong anti risk ability and higher reliability coefficient.

(2021-4.4)