Bitcoin’s mining difficulty is set to jump tomorrow as the “work” part of proof of work shifts into yet another tier.

The price of the biggest cryptocurrency by market cap (despite dropping today) has been on a roll this year—it’s up over 75% since the start of 2023. Another metric that keeps rising is the asset’s mining difficulty,  which is expected to increase from 47.89 trillion hashes to 48.53 hashes tomorrow, according to CoinWarz data. 

Bitcoin mining is the process of using powerful computers to verify transactions on the blockchain. Miners—which today are usually large operations using server farms and a lot of energy—receive newly minted Bitcoins for their work.

As mining gets more difficult, it calls for more advanced tech and overall power to produce the same amount of Bitcoin. 

This can hit miners hard, especially during a bear market: with the price of Bitcoin down from its $69,044 November 2021 all-time high, some mining operations have struggled to make profit and instead have had to sell their crypto reserves or shut down completely. 

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Author: Mathew Di Salvo

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