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 | BTC | Bitcoin predictions | 84% | 28 | $81 815.05 | 3.00% | 19.35% | $1 618 359 171 341 | ||
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2 | ETH | Ethereum predictions | 74% | 43 | $3 185.92 | -0.13% | 29.81% | $383 660 231 481 | ||
3 | USDT | Tether predictions | 91.2% | 1 | $1.000763 | 0.03% | 0.17% | $123 480 518 435 | ||
4 | SOL | Solana predictions | 73.2% | 52 | $211.00 | 2.83% | 30.67% | $99 576 524 647 | ||
5 | BNB | Binance Coin predictions | 88.8% | 12 | $622.12 | -1.85% | 11.65% | $89 646 498 472 | ||
6 | DOGE | Dogecoin predictions | 60% | 78 | $0.282376 | 20.69% | 86.39% | $41 437 149 055 | ||
7 | USDC | USD Coin predictions | 95.6% | 1 | $0.999872 | 0.01% | -0.01% | $36 972 022 076 | ||
8 | XRP | XRP predictions | 88.4% | 13 | $0.583714 | -0.19% | 14.52% | $33 195 012 313 | ||
9 | ADA | Cardano predictions | 74.8% | 54 | $0.585868 | -0.10% | 77.19% | $20 516 232 135 | ||
10 | SHIB | SHIBA INU predictions | 57.2% | 94 | $0.000025 | 11.49% | 51.27% | $14 888 572 559 | ||
11 | TRX | TRON predictions | 93.6% | 1 | $0.164965 | -0.26% | -0.13% | $14 255 261 360 | ||
12 | TON | Toncoin predictions | 84.8% | 22 | $5.32 | -3.69% | 10.05% | $13 534 955 976 | ||
13 | AVAX | Avalanche predictions | 76.8% | 46 | $31.49 | -0.84% | 34.61% | $12 827 872 035 | ||
14 | STETH | Lido stETH predictions | 95.2% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
15 | WTRX | Wrapped TRON predictions | 90.8% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 |
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