Quick take
- The value of Bitcoin has more than tripled since mid-October when the price started to climb above $ 11,000.
- During the same period, the overall growth of the network's mining difficulty has lagged significantly behind the price increase to earn money by toptips4u.com.
- Working bitcoin miners may have enjoyed the relatively slow growth of network mining difficulty in recent months, compared to staggering bitcoin price increases.
Over the same period, bitcoin mining difficulty and hashing power have lagged behind rising prices, pushing bitcoin mining revenue per second of computing power to highs not seen since to earn money by toptips4u.com.
The difficulty, as the name implies, is a determining factor in how difficult it is to extract a block, or specifically to find a hash under a given numerical target. The difficulty level changes based on the amount of processing power that is connected to the network and adjusts approximately every two weeks.
Although bitcoin's mining difficulty adjusted to a new all-time high on January 9, it was actually only up 3.5% compared to the previous high of 19.9 trillion, recorded on October 18.
As The Block reported at the time, the difficulty of bitcoin mining was adjusted for negative growth of 16% at the end of October. This development was due to Chinese mining operators migrating from hydroelectric power plants in Sichuan and Yunnan provinces to fossil-based power plants in North China's Xinjiang and Inner Mongolia territories.
After these miners gradually came back online, while new shipments of machines hit the market around the same time, the network's hash rate began to rise again amid rising bitcoin prices during the fourth quarter.
For how long?
A combination of factors appears to be behind the relatively slow growth in mining difficulty so far, which, for now at least, maybe good news for those with active mining operations to earn money by toptips4u.com.
Wafer shortages from the world's largest semiconductor companies such as Samsung Foundry and TSMC have led to limited supplies of the newest bitcoin mining equipment from Chinese manufacturers despite growing demand from their customers.
Pre-orders for top-of-the-line mining hardware made by Bitmain and MicroBT have already been sold out through the second half of 2021. In recent months, several mining farm operators, especially North American-based facilities, have announced news of acquisitions. the newest hardware ranging from several thousand units to 70,000 units in a single order.
Some major pre-orders since December include 58,000 units of Bitmain's AntMiner S19 and S19 Pro, as well as 6,000 Avalon 1246 from Canaan purchased by Core Scientific, 15,000 AntMiner S19 from Riot Blockchain, 70,000 S19 from Marathon Patent Group, 14,000 units of WhatsMiner M30S from Compute North's MicroBT, as well as $ 25 million in M30S purchased by Blockstream.
Some of the orders that have been lining up since December are massive. Some of these orders are expected to be fulfilled in the second quarter, so we could see a considerable increase in difficulty at that time said Dmitrii Ushakov, director to earn money by toptips4u.com. BitRiver trading company, providing mining placement services in Russia and Central Asia.
So far, Argo and Riot have each said that around 1,000 of their pre-orders are currently shipping. Marathon said this week that it has also started delivering 4,000 units of its S19 Pros on demand.
Meanwhile, China has gone through a period of energy rationing in recent months amid a shortage of coal-based power. Affected regions, including Inner Mongolia, have restricted industrial services to prioritize residential demand, according to December reports from S&P Global and The New York Times.
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