Bitcoin price is still fluctuating and falling back to levels it has moved away from last week.
But despite the price drop, the Bitcoin network has reached another high, this time, in terms of mining difficulty.
More difficulty in Bitcoin mining:
According to the latest data from CoinWarz, the difficulty of Bitcoin increased by 5% to 27.97 trillion yesterday, February 18.
Within three weeks, the measure went through positive adjustments twice, with the first adjustment reaching 26.64 trillion on Jan. 21.
To put things into perspective, the mining difficulty figure has grown six times in a row since November 28, 2021.
Consequently, mining activity has become more difficult than it was before at 23%.
Over the next two weeks, Bitcoin mining difficulty will remain at 27.97 trillion.
A year ago, the measure recorded an average of 21.55 trillion, followed by four consecutive declines, bringing the difficulty rate to 13.67 trillion after six months.
The rise since then has been impressive, indicating that there is great competition between miners in the network to find new blocks.
At the time of writing this article, the Bitcoin hash rate is 140 terahashes per second.
According to stats from BTC.com, Foundry USA contributed the most hash power, 17.8%.
While the “AntPool” and “F2Pool” pools contribute an estimated hash power of 15.6%, it is followed by the Binance mining pool at 13.3%.
In a worrying sign of the ongoing Bitcoin price correction, Bitcoin miners are emptying their bags.
The cryptocurrency is currently trading at around $40,000, down around 40% since hitting its highest level last year.
As a result, miners have turned into sellers, according to Glassnode data.
This is due to the fact that the return on investment has fallen at a greater rate than the price of Bitcoin.
With profit margins shrinking, bitcoin miners are in a difficult position between choosing to fund their mining efforts and hold on to bitcoin or to sell bitcoin once it has been mined and cover expenses.
Coming soon: Tesla electric car charging stations will accept Dogecoin as payment
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