Mining Bitcoin for Profit Is Getting Harder. Here's Why

[Dn.Salah706]

Bitcoin's code has been around since 2009, but roughly every two weeks the algorithm changes just a bit to make it either easier or harder to mine.

The network difficulty today became 1% tougher. While that's not a huge jump, it's the seventh straight increase since late July. According to Arcane Research, the last time that happened was in 2019.

Bitcoin mining difficulty adjusts in order to keep blocks processing at a rate of one every 10 minutes. In proof-of-work blockchains, such as Bitcoin, miners compete with one another for the responsibility of validating transactions so that they can unlock the freshly minted BTC created with each block. To get that chance, they race to be the first to solve a cryptographic puzzle. The more computing power they bring to the table, the faster they can solve it.
Source:click

[Noverti]

Soon, we may generally face a ban by states on mining cryptocurrency, which uses the energy-consuming PoW algorithm. This primarily concerns bitcoin, which is unlikely to be able to switch from a proof-of-stake algorithm to a proof-of-stake.
Sweden has already turned to the EU countries to prohibit mining of cryptocurrency with the PoW algorithm and the state, in the light of the aggravated fight against abrupt climate change, will easily go for it. In addition, the US Congress passed a bill banning Bitcoin mining and other restrictions on the circulation of cryptocurrencies. Recently, he was signed to the President.
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[Lucylay]

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