The difficulty of Bitcoin mining has increased again, reaching a new historical record: 17.56 T.
The increase took place today, after the August 10 increase that brought it back to around 17 T.
This is curious, since with the May halving, which halved the miners' rewards, the computing power used for mining was expected to decrease, resulting in a decrease in difficulty.
In fact, this happened, but only in the month after the halving. On May 11, the difficulty was approximately 16 T and then dropped to 13.7 T on June 5.
However, as of June 16, it began to rise again, reaching 16 T. In fact, by July 14 it had already reached a new all-time high, at 17.3 T, and then fell back just below 17 T.
This dynamic is directly related to that of the hashrate, the total computing power used by all miners in the world to mine Bitcoin.
In fact, the hashrate had also peaked on the halving day, but then dropped 30% in the following days.
As of May 27, however, it had started to rise again, returning to an all-time high in mid-July.
This keeps very low Bitcoin mining profitability, falling to a low of $ 0.06 a day for THash / s in mid-July and then rising to 0.09 yesterday.
In other words, to mine bitcoin, miners must settle for huge costs and very low profitability.
It must also be said that today's increase could be excessive, despite the fact that the block time is still very much in line with expectations, so much so that the estimate of the next adjustment foresees a reduction between 0.4% and 13.5 % that could bring it back in a range between 15.1 T and 17.5 T.
The price of Bitcoin and the mining difficulty
In this scenario, the price of BTC also plays a fundamental role, since the profitability of mining depends directly on this parameter.
In fact, although the reward for miners is always the same, considering that it is halved only every 4 years or so, this is paid in BTC, and since the value of BTC varies over time, the income of miners vary accordingly.
Therefore, if the value of BTC increases further, the hash rate and difficulty can also increase.