Bitcoin Mining Difficulty Drops For Second Time In March

Bitcoin mining is now a fact of our lives. Investors from all over the world are buying equipment for Bitcoin mining and trying to decrypt the Bitcoin blockchain. they make money. However, there is a remarkable situation in this sector at the moment. Bitcoin mining difficulty (hashrate), fell for the second time since the beginning of March. Well what does it mean? Why are Bitcoin mining difficulties falling? So why has it become easier to make money from mining?

Bitcoin mining difficulty has been rising steadily since November 2021. In other words, the probability of making money from the devices used decreased. However, this difficulty ratio fell at the beginning of march. Now this decline has shown itself once again. The hashrate rate decreased by 35 per thousand and was recorded as 216 EH/s (exahash/second). The change since the beginning of March is 1.5 percent reached levels. In other words, the probability of a miner digging Bitcoin has increased somewhat.

Reason for Bitcoin mining difficulty to drop: Energy crisis

Comments on Bitcoin hashrate decline, mining company Compass Mining by its founder and CEO, Whitt Gibbs. Mentioning that no clear reason could be presented for the decline, Gibbs said that the reason for this decline could be the energy crisis. Due to rising energy costs, according to Compass Mining CEO profitability falling devices the plug is pulled. This leads to a decrease in the number of devices connected to the mining network. As such, it is necessary to decipher the encrypted blocks. keep the 10-minute time constantis achieved by lowering the difficulty level.

Here is the change graph of mining difficulty:

One of the effects of the coronavirus pandemic is energy industry it was interrupted. In this process, energy costs increased in general. The Russia-Ukraine war also added to this situation. One of the world’s largest energy suppliers Russiaoffended the whole world at the point of oil and natural gas, which is also used in electricity production. Arabian peninsula He doesn’t care much about the west.

You will have those who remember; one of the issues we talked about in the past months Kazakhistanwas. As a result of China’s bans, the country, which came to the center of mining, caused confusion due to price increases, and the miners were in this situation. was directly affected. All these developments are unplug the devices they took means. As a natural result of this, the hashrate fell…