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There is no bear market for the builders of the Bitcoin network as more and more Bitcoin miners are joining the network, driving up the difficulty.
It’s a new all-time high–for the Bitcoin (BTC) mining difficulty. Hot on the heels of the Bitcoin hash rate hitting new highs, the difficulty adjustment or the ease at which Bitcoin miners are able to solve valid blocks has increased by 13.55%.
Despite pressure from falling prices in 2022, The difficulty adjustment continues its steady march upward from the lows of August 2021. It hit an all-time high of 35.61T on October 10, following a period in which six blocks were solved in rapid succession.
For Mark Morton, CEO of Scilling Digital Mining, a Bitcoin mining company based in Ireland, “The Next difficulty adjustment suggests that miners are still finding sufficient profit margins to turn on new machines and are likely capitalizing on plummeting machine prices.”
Morton also mentioned that soaring difficulty and
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