Experts: Bitcoin difficulty could drive miners away again

For some Bitcoin (BTC) miners, the recent difficulty adjustment could make the business unprofitable again. At the beginning of the week, network mining difficulty increased by 14.95 percent. This is the biggest increase since January 2018. This regular adjustment takes place every 2016 blocks. It was programmed into the blockchain to keep the mining speed for a block at around 10 minutes. The recent adjustment could reverse a trend in the mining sector. Devices of the older generation were used again after halving. In May, the Bitcoin block reward was halved. As a result, a significant number of miners had to take their older machines off the grid, sell their equipment, or move to places with cheaper electricity.

 

A comeback might be possible

“The S9 actually came back after the last major, negative difficulty adjustment. The fact that they could be put back into operation was the reason for the increase in the hashrate, which in turn caused this huge adjustment upward.”

Thomas Heller, the global business director of the leading Bitcoin mining pool F2Pool, confirmed that older generation devices are making a comeback after “just becoming profitable again”. However, he added that the higher hashrate is also due to a new generation of ASICs, such as the MicroBt M30 and the Bitmain Antminer S19. These were used for the first time after they were finally delivered to their owners:

“Before the difficulty was adjusted, the recent increase in hash rates was mainly due to the fact that old generation devices were brought back into service and some M30, S19 and A11 devices were used for the first time.”