Bitcoin mining will become even more difficult

Bitcoin mining now requires more power than ever before, and the weight of mining reaches its peak of all time after the latest recalibration.

IC: BITCOIN

New hardware lifts weight of Bitcoin mining

The weight of mining, which moves in line with changes in the overall hashrate, has now risen to 23.1 trillion, a substantial jump of about 6%. This is the second biggest weight increase since the beginning of the year, and the fifth time in the last six re-calibration periods.

For the ignast, increasing the weight of bitcoin mining may sound counterproductive, but the mechanism plays an important role in regulating the network, ensuring that blocks are processed at a steady rate and making the network more attack-resistant.

The weight of mining is automatically calibrated after 2016 blocks are processed, which happens about every two weeks. The consistency with which the weight of mining has increased this year reflects the current fierce competition among miners. With Bitcoin prices soaring in recent months, there has also been a new enthusiasm for mining, which is now more lucrative than ever.

 As mining operations increase, in an effort to capitalize on bitcoin's rising value, the weight of mining is growing. While many will rub their hands over the likely further rise in the price of Bitcoin, increasing the weight of mining will do nothing to allay concerns about the impact of Bitcoin on the environment.

 With the more computer power needed to compete for cryptocurrency rewards, it will still take more energy to direct to the grid, which already consumes more energy than many states.