Bitcoin Mining Difficulty Nears All-Time High in Final Adjustment Before Halving
Bitcoin mining difficulty increased to 16.10 trillion (T) on Tuesday, close to the network’s all-time high of 16.55T recorded in March.
ASIC financing has driven Bitcoin's hashrate to all-time highs in 2020. By consequence, Bitcoin is less profitable to mine than ever.
Bitcoin mining firm Hut 8 reported a sharp drop in revenue. However, the rising value of the firm's BTC holdings helped it finish the quarter in the black.
Chinese miners are struggling to sell their crypto in ways that would quickly get them much-needed cash in the face of a government crackdown on local exchanges.
Like the employees forced to choose sides, Bitmain customers have been caught in the middle of the power struggle at the No.1 bitcoin miner manufacturer.
A slowly rising bitcoin price might not help some miners run profitable operations now that the halving is in the past.