As some Bitcoin mining companies continue to struggle with financial problems as a result of declining Bitcoin prices and high energy expenses, the difficulty level of mining Bitcoin increased by 3.27% on Tuesday morning in Asia.
According to information from BTC.com, the mining difficulty reading for the most recent biweekly adjustment on Tuesday came in at 35.36 trillion at block height 768,096 after falling by 7.32% in the previous adjustment on December 6.
The most recent measurement for the difficulty of mining bitcoins was 45.7% greater than the 24.27 trillion reading from December 25 of last year.
Roughly every two weeks, the Bitcoin mining difficulty, which determines how much processing power is necessary to validate blocks on the blockchain in exchange for rewards of Bitcoins, varies.
A measure of the amount of computing power employed, the seven-day average hashrate for Bitcoin was 245.1 exahashes per second on Monday, down from a seven-day average of 253 exahashes on December 6, according to statistics from Blockchain.com.
According to data from CoinMarketCap, the price of bitcoin fell 75% from its all-time high of over US$67,000 in November 2021 to trade at about US$16,740 on Tuesday morning in Asia.
According to BitInfoCharts statistics, the profitability rate of Bitcoin mining was US$0.0558 per terahash per second in the last 24 hours, down from US$0.248 from a year ago.
Core Scientific and Compute North are two American mining companies that are struggling with cash issues. Foundry Digital LLC, a different miner, said last month that it intends to purchase two turnkey mining operations from Compute North.
