Bitcoin Mining Difficulty Pikes 3.44% to 36.84T, BTC Price Stagnate at $19K
The Bitcoin mining industry has sparked controversial debates globally due to its energy consumption.
Bitcoin mining difficulty has scaled to a new all-time high of 36.84 trillion, after registering a peak of 3.44 percent in the previous adjustment. The current Bitcoin hash rate is 257.77 EHs. The increase in Bitcoin difficulty comes at a time when the underlying value of the cryptocurrency market is down over $2 trillion. According to our market data, the Bitcoin price is trading at around $19k, down 68.6 percent over the past year.
The subsequent adjustment of the Bitcoin mining difficulty is expected in a fortnight, although very little change is predicted. According to calculations provided by m.btc.com, the following Bitcoin difficulty change is estimated at 36.68 trillion, down 0.43 percent.
The month of October has been different from the past few years, especially in Bitcoin price change. In particular, the previous years have been described with a Bitcoin price surge, hence ‘Uptober’. Still, we’re in the last week of the month, and a lot can change before then.
Furthermore, the Bitcoin price has bounced off the $19k support level over the past five months without significant volatility.
As such, crypto market strategists are predicting significant crypto volatility in the near future. Therefore, it is not certain, according to technical information, where the cryptocurrency market will head next after five months of consolidation. As for Bitcoin, the price could surprise traders by either $30k or $14ki in the coming months.
Into the future of the Bitcoin mining industry
The cryptocurrency mining industry is one of the most focused markets by institutional investors and government regulators, especially on Proof-of-Work (PoW). The Bitcoin mining industry has sparked controversial debates globally due to its energy consumption. For example, Tesla Inc. (NASDAQ: TSLA ) stopped accepting Bitcoin for payment due to its energy consumption, especially from non-renewable sources.
The heavy criticism of PoW consensus algorithms inspired the Ethereum network developers to create a PoS chain called the beacon chain. Perhaps one day the Bitcoin network will shift to a PoS consensus mechanism as Ethereum recently did via the Merge event.
In the past, the Bitcoin network has facilitated several forks, including bip34, bip66, bip65, CSV, segwit and taproot upgrades.
Still, some could argue that over 91 percent of Bitcoins have been mined, with approximately 1,812,063 expected to be mined in the next hundred years or so. Therefore, there is no need to shift the Bitcoin network from PoW to PoW with the current 19,187,938 Bitcoins in circulation.
At current Bitcoin prices, miners are rewarded approximately $120,656.25 per successfully mined block. In particular, miners split around 900 Bitcoins per day, thus corresponding to an inflation rate of 1.73 percent per year. However, the Bitcoin inflation value is expected to decrease after the next halving event.
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