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 | |
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Bitcoin predictions | 83.6% | 19 | $27 117.78 | 1.52% | -0.23% | $525 695 120 933 | ||
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Ethereum predictions | 94% | 5 | $1 850.21 | 1.08% | 1.69% | $222 500 512 215 | ||
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Tether predictions | 93.6% | 1 | $1.000333 | -0.01% | -0.01% | $83 154 797 365 | ||
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Binance Coin predictions | 93.6% | 4 | $308.85 | 0.69% | -0.59% | $48 135 911 381 | ||
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USD Coin predictions | 91.6% | 1 | $1.000039 | -0.01% | -0.01% | $29 066 829 891 | ||
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XRP predictions | 86.4% | 25 | $0.472955 | 1.16% | 0.70% | $24 585 809 728 | ||
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Cardano predictions | 85.6% | 20 | $0.372773 | 2.47% | 1.84% | $12 999 954 414 | ||
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Lido stETH predictions | 93.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
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Dogecoin predictions | 83.2% | 31 | $0.072941 | 2.45% | -1.13% | $10 177 041 648 | ||
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Polygon predictions | 70.4% | 56 | $0.929847 | 1.84% | 6.19% | $8 628 490 910 | ||
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Solana predictions | 77.2% | 38 | $20.64 | 6.40% | 1.71% | $8 178 958 995 | ||
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Wrapped TRON predictions | 80% | 33 | $0.077433 | 2.29% | 6.74% | $7 873 132 353 | ||
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TRON predictions | 82.8% | 33 | $0.077698 | 3.03% | 7.15% | $7 014 264 945 | ||
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Litecoin predictions | 82.8% | 35 | $89.78 | 2.68% | -2.62% | $6 555 157 361 | ||
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Polkadot predictions | 82.4% | 22 | $5.38 | 2.54% | -0.52% | $6 392 787 042 |
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