Competition between bitcoin miners will soon intensify as the difficulty of mining prepares to set a new all-time high, the second in a row.
Bitcoin mining complexity is a measure of how difficult it is to compete for the reward of mining a block. That figure may skip the 30 T level and go straight to 31.37 T, up 5.29% according to the BTC.com mining pool.
This increase follows the nearly 5.6% increase seen two weeks ago, when the difficulty reached the 29 T range for the first time in the network’s history.
Meanwhile, bitcoin’s hash rate, or the network’s processing power, was virtually unchanged.
Over the same period, however, bitcoin’s mining profitability has fallen much more dramatically, by nearly 13%. Over the past 14 days, the price of BTC has dropped 23% from $39,390 (April 27) to $31,315 (the evening of May 10).
Bitcoin’s mining complexity adjusts about every two weeks, or more precisely, every 2016 blocks, to maintain a 10-minute block generation time.
According to ByteTree, miners have spent significantly more mined BTC than saved in recent weeks.