Bitcoin Mining Difficulty Rising Again! What will be the effect on the price?

BTC. com, according to data released today Bitcoin (BTC) Mining difficulty increased by 9.26%.

With this increase, it is experiencing the second largest increase in 2022. BTC mining difficulty set new records.

BTC. According to data from com, Bitcoin mining difficulty has reached an all-time high, hash rate increased by more than 12%.

According to the data, the hash rate reached an average of 221 EH/s. Hash rate in May terra It broke the record by reaching 223 EH/s before its collapse.

Mining difficulty also increased by 9.32% in January of this year compared to August.

Higher mining difficulty and hash rate means that miners believe in long-term profitability and accept lower profits.

Because as the mining difficulty increases, the profit margins of the miners narrow. Because the higher the difficulty, the less likely they are to successfully mine and reap the rewards.

Miners also this year Bitcoin’They were feeling a lot of pressure because of the price drop by more than 50% due to the hard dreams that Miners had experienced, and the rising electricity prices, which was a huge cost for miners.

As it will be remembered, the mining difficulty is particularly high in both the US and Texas, which is a headquarters for the crypto industry. bitcoin It had dropped significantly at the start of the summer months as miners shut down their machines due to the extremely hot weather.

What Will Be the Effect on Bitcoin Price?

BTC There is no close correlation between its price and Bitcoin mining difficulty and hash rate. Increasing network difficulty makes the network more secure and increases competition among miners.

When we look at the historical data, the change in the hash rate BTC We see that there is a need for large fluctuations that can activate the algorithms in order to be reflected in the price.