Bitcoin miners are gearing up for a massive increase in difficulty this weekend.
A blizzard, polar eruption, wind and heavy snow in the US in late December shattered power lines and dropped temperatures dangerously, killing many. Thousands of homes and businesses across the country were without power this holiday weekend due to the winter storm. With all this, it had a serious impact on Bitcoin miners, causing many of them to shut down. A rise in mining difficulty is expected after the storm.
Bitcoin Mining Difficulty Nears the Ceiling
BTC.com, bitrawr, Luxorand Brains According to estimations, the increase may be around 10 percent. Numbers could change between now and Sunday, but forecasts point to a sharp increase.
In the latest update, after a winter storm that caused many miners to shut down due to price incentives or requests from network operators, the Bitcoin network hashrate has seen a 38 percent temporary increase from a weekly peak of 276.40 EH/s to 170.60 EH/s. after a decline, it had returned to 241.29 EH/s. Now a large part of this hashrate seems to be back online with newly deployed and more efficient machines.
While there has been more bullish for the industry in the past week as Bitcoin currently hits over $20,000 and public miners’ shares soar, they still face a tough economy.