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It just got harder and less profitable to mine for bitcoin


13 Aug 2021

#Bitcoin

It just got harder and less profitable to mine for bitcoin. Every 2016 blocks, or about every two weeks, bitcoin resets how tough it is for miners to mine. Early Friday morning, as expected, the bitcoin code automatically made it about 7.3% more difficult to solve a block.

Historically speaking, this spike in difficulty is on the larger side, but it isn’t surprising, nor is it alarming. But it marks the first sizable increase since the Chinese mining ban took effect and serves as confirmation of a trend we already knew was underway: Some of the miners that used to be in China are finding new homes elsewhere.

And while it may not be quite as lucrative to mint bitcoin as it was before the algorithm self-corrected, miners are continuing to make way more money now than they were before China’s crypto crackdown in May. “Hashrate levels are still down 42.1% from the peak in May 2021 when the China exodus happened,” said Jason Deane, an analyst at crypto advisory firm Quantum Economics. That hashrate deficit means that those plugged into the bitcoin network right now are making bank.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 77.2% 43 $67 685.77 -1.74% -4.06% $1 333 720 305 958 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 67.6% 70 $3 856.07 -1.86% 2.36% $463 258 843 200 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $0.999067 -0.06% -0.07% $111 860 875 075 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 88.8% 6 $597.03 -1.13% -2.61% $88 113 124 808 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 67.6% 73 $169.71 0.71% -5.16% $76 285 696 632 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000181 -0.01% 0.02% $32 486 438 065 USDC 7 days price change
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14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 78.8% 42 $68 003.07 -1.36% -4.11% $10 570 844 156 WBTC 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 83.2% 33 $7.31 -2.59% -3.52% $10 506 078 807 DOT 7 days price change

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