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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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# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 72.4% 61 $41 312.94 -1.79% -2.97% $782 208 393 376 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 65.6% 74 $3 057.90 -4.13% -4.99% $364 557 204 266 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000957 0.03% 0.07% $78 389 539 616 USDT 7 days price change
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5 Cardano (ADA) ADA Cardano predictions 71.2% 51 $1.37 -11.53% 13.83% $45 869 836 376 ADA 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $0.999548 -0.04% -0.05% $45 742 193 035 USDC 7 days price change
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14 Polygon (MATIC) MATIC Polygon predictions 69.2% 59 $2.02 -8.18% -12.60% $14 789 690 265 MATIC 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $0.999731 -0.10% -0.13% $14 211 573 940 BUSD 7 days price change

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