Now it’s Harder to Mine Bitcoin than Before

To introduce you with mining difficulty, I have to say the assessment of how hard it is to earn mining rewards in the world’s largest cryptocurrency by market cap. The complexity of bitcoin mining has become up to 7.93 trillion which just created a record. This height started becoming a record since October 2018 and if you mathematically figure out 7.45 to 7.93 then you can see the difference is just seven percent. On the basis of computing power in the network Bitcoin is made to synthesize mining difficulty every 2,016 blocks. This difficulty gets failure when there are more computers in the game. In that network, there are fewer machines racing to accomplish math problems with a view to earning the next payout of newly created bitcoin.

Right now miners of Bitcoin are performing calculations at average 56.77 quintillion hashes per second over the last 14 days which is because of accomplishing for mining rewards on the world’s first blockchain. But recently the average bitcoin hash rate got changed and came down at 59.58 EH/s and 59.70 EH/s. The aggregate of Bitcoin computing power was around 66 EH/s as of June 22. AntiMiner S9 performs calculations at an average rate of 14 tera hashes per second that recommends more than 2 million units of mining equipment may have been switched on over the past several months. The price of second-hand mining equipment to double in China was caused because of the price in capacity and Bitcoin’s price jump.

Belated Plugging in

We know that 50 percent of the global bitcoin computing power was located in China’s Sichuan province. Computing interest gets born when mining firms in China have been consistently plugging in equipment as the rainy summer approaches. The rainy season in the southwest part of China arrived in one month late and because of that issue some local mining farms were running less than half of their aggregate capacity in the previous month.

There was no rain in that zone for over 20 days since early May. But they usually have enough water resources by early June as in past years it commence raining continuously throughout May. The farm of Xun Zheng was only operating at 40 percent of capacity in early June and can host up to 200,000 ASIC miners. The proportion already moved to 60 percent as the rain delayed. Another 300,000 units of mining machines could be further activated assuming all are AntMiner S9s or similar models.

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