Bitcoin’s mining difficulty may be set to increase for the first time since China’s crackdown on crypto mining in May. A rapid expansion of mining facilities in North America and the return of Chinese miners through overseas hosting sites are two major factors that will drive up mining difficulty, according to industry pros.
Mining difficulty is a metric to describe how hard it is to mine a block and get rewards in bitcoin. An increase in mining difficulty requires a miner to use more computing power to earn bitcoin, which reduces the miner’s profit margin. The more mining machines are online, the higher the mining difficulty and the more secure the Bitcoin network.
Mining difficulty has seen a continuous decrease since the Chinese central government called for local authorities to shut off bitcoin mining operations across the country on May 21. The latest bi-weekly difficulty level posted on July 17 is the fourth downward adjustment since the crackdown.
Even before China’s crackdown, big North American mining companies such as Marathon and Riot were already expanding their operations due to bitcoin’s historic bull run in early 2021, Luxor CEO Nick Hansen said. Most of the growth that will drive up mining difficulty in the coming months would still be from the North American miners who planned expansion ahead of Beijing’s crackdown last year or in early 2021, Daniel Frumkin, researcher at Prague-based mining company Slush Pool, said.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | ![]() |
Bitcoin predictions | 80% | 31 | $44 191.65 | 2.28% | 14.09% | $864 601 373 120 | ||
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Ethereum predictions | 80.4% | 36 | $2 384.27 | 1.22% | 13.64% | $286 631 337 595 | ||
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Tether predictions | 92.8% | 1 | $1.000286 | 0.02% | -0.01% | $90 361 522 312 | ||
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XRP predictions | 84.8% | 28 | $0.691977 | 7.73% | 12.59% | $37 337 342 228 | ||
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Binance Coin predictions | 86% | 17 | $244.21 | 4.75% | 6.78% | $37 045 963 060 | ||
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Solana predictions | 78.8% | 38 | $77.33 | 7.81% | 24.47% | $32 939 078 279 | ||
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USD Coin predictions | 96% | 1 | $0.999988 | -0.01% | 0.01% | $24 499 538 291 | ||
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Cardano predictions | 76.8% | 38 | $0.621468 | 30.58% | 60.61% | $21 949 609 212 | ||
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Dogecoin predictions | 70.8% | 53 | $0.104135 | 6.51% | 24.05% | $14 803 690 586 | ||
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Avalanche predictions | 76% | 50 | $32.83 | 21.42% | 48.15% | $12 006 820 565 | ||
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Lido stETH predictions | 96% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
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TRON predictions | 94% | 7 | $0.108469 | 2.71% | 4.89% | $9 596 597 053 | ||
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Chainlink predictions | 76% | 38 | $17.23 | 7.97% | 9.25% | $9 592 622 058 | ||
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Wrapped TRON predictions | 92.4% | 7 | $0.107924 | 2.30% | 4.39% | $9 548 377 600 | ||
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Polkadot predictions | 80% | 38 | $7.54 | 20.76% | 36.96% | $9 456 502 227 |
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