Bitcoin mining difficulty collapses amid industry ‘extreme stress’

As a result of the next recalculation, the indicator decreased by 7.32%, analysts at Glassnode called this a reflection of the extreme stress in which the cryptocurrency mining industry is located.

(ORDO NEWS) — The complexity of Bitcoin mining after the next recalculation fell by 7.32%, to 34.24 T. The last time such a drop occurred in July 2021. At the end of last month, the indicator updated its historical high at around 36.95 T.

The complexity of the network determines the amount of computing power required to find a new block in the bitcoin blockchain. It shows how many times, on average, miners have to calculate the hash value to find a cryptocurrency block.

1 K = 1 thousand
1 M = 1 million
1 G = 1 billion
1 T = 1 trillion
With the current reduction, the difficulty target is set to 34.24T.

This setting changes every 2016 blocks, or roughly every two weeks. This is necessary to keep the block time around 10 minutes.

Analyst firm Glassnode stressed that the mining industry remains in a state of extreme stress amid declining cryptocurrency quotes, rising electricity costs and companies with credit problems.

Earlier it became known that the miners, who raised about $4 billion to buy equipment for the extraction of critical currencies, when its profitability reached 90%, now do not pay loans and give hundreds of thousands of devices that served as collateral to creditors.

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