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Bitcoin Mining Difficulty Level Breaks Record High
Bitcoin mining difficulty level breaks record high with increase in price and competition among miners.
Bitcoin mining difficulty level has reached a new record high due to the ongoing price increases since the beginning of 2023. The difficulty level, which is a key measure in the mining process, saw a sudden 10% increase, indicating an increase in the number of transactions and more miners starting to mine for BTC.
The difficulty level had dropped to as low as 800 in September 2021, but with the development of ETFs, a new price record was set, and more and more mining facilities opened. This led to an increase in the difficulty level of the problems that mining devices had to solve in order to win rewards. With the new upward trend that began this week, the difficulty level has now risen above 1,600.
The impact of China's mining ban has now completely dissipated, with a large number of new mining facilities now operating in the US. In addition, there has been a significant increase in the number of new mining facilities in various countries throughout Europe and Asia.
The increase in the number of new facilities has also intensified competition among miners. However, this has a negative impact on small-scale miners who are trying to mine from home. As the difficulty level increases, the chances of winning rewards also become higher for devices with higher capacities.