Bitcoin (BTC) mining difficulty will reach a new all-time high by 20:21 GMT on September 13, as Glassnode data analyzed by CryptoSlate predicts a 3.5% increase in the next few hours.
Mining difficulty refers to how difficult it becomes for miners to validate transactions on the network. Mining difficulty increased 9.26% two weeks ago to reach 30.98 trillion, the highest peak since January.
A 3.7% increase will break the mining difficulty record of 31.25 trillion set on May 11.
The hashrate should also go up
According to data from Glassnode, bitcoin mining hashrate is also expected to rise to a new all-time high.
A CryptoQuant analyst underlined that BTC mining hashrate has increased recently.
The increase in mining difficulty and hashrate might seem surprising given the current market conditions that have recently seen the asset plummet below the $ 19,000 mark.
However, following a summer heat wave that forced many miners to close operations, the onset of cold weather led to the commissioning of new machines.
Miners are forced to be more efficient
Aside from the reduced heat levels, several miners have recently installed Antminer S19 XP, which is more effective.
Due to the drop in the price of Bitcoin, miners now need to be more efficient in their operations to have any chance of making a profit.
Meanwhile, not all miners are struggling with the decline of the market. Some, like CleanSpark, are taking advantage of the conditions to expand their operations.
CleanSpark recently agreed to purchase Mawson Infrastructure Group’s mining facility for $ 33 million while also getting some of its ASICs or about $ 9.5 million.
The Bitcoin miner had also bought 10,000 Antminer S19j Pro for $ 28 million and acquired several Bitcoin mining facilities across the United States earlier this year,
However, miners in the country may need to find ways to make their operations sustainable, especially after the White House report raised the possibility of a ban if carbon emissions continue to rise.