Bitcoin mining difficulty on the road to recovery

Team Luno
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  • Bitcoin’s mining difficulty has increased by 13%, signalling an uptick in network health since China’s crackdown.
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    • China’s Bitcoin mining exodus slashed hash rates and BTC prices as miners were forced to look beyond Chinese borders for mining opportunities. In the time since, mining has become more decentralised, and the hash rate has rebounded some 25%.

     

    • Resets in mining difficulty typically occur every two weeks or so, with the latest (25/08/2021) being the network's third consecutive increase.

     

    • Despite the increase in mining difficulty, experts still believe now is as good a time as ever for miners.

     

    • “Bitcoin mining has never been more profitable,” said Dave Perrill, CEO at crypto mining colocation company Compute North. "Look at the percentage of price run that bitcoin had over the last 12 months and look at the hash rate percentage increase, and it's nowhere near in line."
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    Team Luno

    On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

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