Mining Difficulty of Bitcoin hits a New High, What Should we Expect Next?

Jan 28, 2022 | Crypto, News | 0 comments

Mining Difficulty

Mining Difficulty

Bitcoin’s mining difficulty has reached a new high just recently — something around 9.32%. 90% of its total supply has been mined so far. Does that mean that we’ll see it reach its full capacity soon? Well, not really.

According to specialists, the rest (something around 2 million BTC) will be finally mined up to 2140. Yes, it’ll take more than a lifetime.

The mining difficulty is automatically adjusted according to the computational power dedicated to its blockchain. In short, the higher its power, the higher the difficulty, and vice versa. So, it’s never too easy for miners to get their hands on all the remaining tokens.

What is coming next? Mining Difficulty 

Experts believe that miners will continue to register great profits this year — and more mining rigs are coming to their workplaces.

Roman Zabuga, the PR representative of BitRiver, said that they’re expecting a new all-time high by 2022.

Alejandro de la Torre, consultant of ProofOfWork.Energy added that some miners are about to install new hardware and use unused electricity capacity soon — that said, we should expect even bigger results very soon.

The largest miners in the world are waiting for huge shipments of ASIC miners (hardware specifically designed for mining crypto). The deliveries are expected between July and December.

Also, these ASIC miners are becoming even more robust — which could make the network difficulty even harder than it already is.

What happens after all BTC are mined?

No more bitcoins will be issued ever again. Miners will continue to validate transactions and be rewarded only by network fees.

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That said, miners will surely be affected by it, but it’s too early to make any predictions. There are decades of updates ahead and many things can drastically change until that happens — so miners shouldn’t be worried about that. Yet.

The bottom line

Bitcoin is undoubtedly a world success and it’s still in development. Its technology and functionalities may (and most probably will) evolve since its security and reliability have passed the test of time with no issues whatsoever.

We can only hope that things continue to run as smoothly as it gets, with interesting updates in the future.

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