Bitcoin Mining Difficulty Rising

According to BTC.com, Bitcoin mining difficulty is increasing.

In fact, the current mining difficulty is the highest it’s been since January, sitting at 30.97 trillion and 230 EH/s currently. When compared to a period just two weeks ago, this is a 9.26% increase.

The escalating difficulty is linked to the rising number of Bitcoin miners. Even though this is a sign of a healthy industry, the stiff competition is making it harder for miners to make a decent profit.

The infamous crypto crash of 2022 didn’t help either. Currently, Bitcoin’s value is over 70% down since its November all-time high. According to CoinGecko, it is trading at $19,838.