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Bitcoin mining: complexity may soon hit all-time highs again



Over the past three months, Bitcoin's hash rate has grown higher and higher, approaching its all-time high from about half a year ago . You can do that with the data from Blockchain.com. The difficulty of the network increases due to the accelerated hash rate. The mining complexity of the major cryptocurrency has risen nine times in a row, and is approaching its last all-time high, which was recorded on May 13, 2021.

Complexity makes the system stronger

Satoshi Nakamoto added network complexity as a mechanism to maintain a constant rate of roughly ten minute blocks. In addition, the complexity improves the security of the entire system. The 51 percent attack will be much more difficult and costly to tackle.

The hash rate changes twice a month. If so, the network will reflect that change. The complexity of Bitcoin mining is proportional to the hash rate. If one goes up, so does the other.

As a result, one size also decreases in sync with the other. For example, when the Chinese government took action against mining this summer , the hash rate plummeted. After that, it became easier to mine Bitcoin. This year, BTC's hash rate has dropped sharply and its mining complexity has fallen by almost 40% at various intervals.

Bitcoin mining gets more and more complicated over time

The all-time high in complexity was $ 25.05 trillion on May 13. Just two weeks later it was 4 trillion less. In July the value fell to a new low of just 13.6 trillion. Earlier this month, the largest complexity adjustment was made in the network.

With a block height of 689,472, the massive drop was almost 28%. At the time of this writing, BTC's mining complexity is just under 22.7 trillion. It is rapidly approaching the all-time high of 25.05 trillion.

To reach a new all-time high, mining complexity must increase by more than 10%. In the near future, Bitcoin will be more difficult to mine than it was six months ago. Given the current SHA256 profitability rates, Bitcoin has every chance of breaking that record.

When the price of Bitcoin goes up, mining becomes more lucrative and more people get on board. Then the complexity increases. Microbt Whatsminer M30S ++, B2 from Ipollo and other ASIC rigs for Bitcoin mining make their owners more than $ 25 a day even if their electricity bills are $ 0.12 / kWh. The situation is similar with Ethereum .

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