It has become very competitive and expensive to mine Bitcoin than Ever. The BTC mining difficulty has hit a new record high at about 7.93 trillion. The figure represents a 7% increase from the previous number of 7.45 trillion. Bitcoin adjusts its difficulty after every 2,016 which is about 2 weeks.
Bitcoin Mining Close to Impossible
The developers of Bitcoin created a mineable cryptocurrency which adjusts its difficulty to limit the amount of coins in circulation. This particular feature is meant to keep the cryptocurrency valuable by maintaining scarcity. The difficulty factor - a number representation of how hard it is to mine one block keeps readjusting after every two weeks cycle.
Recently, it reached a new record of 7.93 trillion. This figure made it almost impossible to mine BTC for small scale miners. This number is calculated based on the amount of computing power deployed on the general network. Developers say the readjustment ensures the block production interval for the next period remains constant at every 10 minutes.
Since difficulty factor is adjusted based on the amount of computing power deployed on the network, fewer computer powers means the figure falls down. When new miners join the network, the difficulty increases proportionality. Read More at CoinIdol...