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As Bitcoin Mining Difficulty Hits 5% ATH, Majority Of Miners Shift To Ethereum

Jet Encila-Bitcoinist
2022-05-12 08:31
The mining difficulty for Bitcoin (BTC) has reached an all-time high, reducing the already diminishing profit margins of miners.
According to data from btc.com, a company that monitors BTC mining performance, Bitcoin mining difficulty has increased dramatically.
As noticed on Twitter by renowned cryptocurrency reporter Wu blockchain, the difficulty of mining the crypto has increased by approximately 5 percent to 31.25T.
This increase follows a roughly 5.6% increase two weeks ago, when the network’s difficulty surpassed the 29T area for the first time ever.
Seven-day moving average. Source: Bitinfocharts.com
In contrast, Bitcoin hashrate, or the network’s computing capacity, has remained virtually unchanged.
During the same two-week period, however, the profitability of Bitcoin mining decreased by approximately 13 percent.

Shifting To Ethereum For Higher ROI

Meanwhile, the majority of Bitcoin miners are currently shifting to Ethereum because of a higher return on investment as the network suffers significantly as BTC mining difficulty rises.
In 2021, when ETH broke through the $4,000 resistance, mining Ethereum got even more profitable. Moreover, as the launch of ETH 2.0 nears, the most sought after crypto asset is finding it increasingly difficult to maintain its dominant position.
With these developments coming up, an increasing number of miners are shifting to the Ether network and steer clear from unexpected crashes in the middle of their transactions.
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