Bitcoin Mining Difficulty Drops for Second Time in March

[pambeasely1]

After a consistent increase since November, the difficulty of mining a bitcoin(BTC) block dropped 0.35% on Thursday. A Data form information platform Glassnode shows mining difficulty dropped 1.5% on 3rd March.

The hash rate difficulty adjusts automatically relative to the computing power of the network, to keep the time between each mined block relatively stable at 10 minutes. The bitcoin mining dropped from 248 exhash/second (EH/s) to 216 EH/s on March 17, according to Glassnode data.

As energy prices increase globally, we get to see more ASICS fall off the network, Whitt Gibbs, Compass Mining founder, and CEO told CoinDesk in a Telegram message on Friday. This drop is due to unprofitable miners unplugging ASICS (application-specific integrated circuits).

Electricity prices are increasing across the world as one of the largest exporters of fossil fuels, Russia, is enslaved in a war with Ukraine, and global energy supply chains are served by sanctions.

The Kazakh miners going offline due to electricity shortages and government crackdown on illegal mining caused the drop, Jaran Melleerud, a researcher at Oslo-based Arcane Research, said by CoinDesk.


Kazakh authorities said on March 15, that they seized almost $200 million of equipment from crypto mining operations as they crackdown on illicit mines. Miners legally operating in Kazakhstan had their power cut off at the end of January, and the government struggled with energy shortages.

The HashrateIndexes prices per TH for rigs with medium efficiency, Mellerud said that Kazakh government should have seized around 3 TH/s worth of mining rigs, equivalent to 1.5% of bitcoin’s hash rate. North American miners continue to plug in new machines, “the withdrawal capacity from Kazakhstan is currently limiting bitcoin’s hashrate growth”.

[TomPluz]

I am sure that generally this is good news for many BTC miners still operating or doing business all over the world. The fall of difficulty can mean that there are now less competition in this arena and can be because there are areas having difficulties on power source and there are those that just stopped mining because the political environment is not conducive anymore though am sure also that mining remains to be very profitable even at today's price in the market. Will this encourage more entrants to the market? Maybe yes.

[pacar_tiri]

I am sure that generally this is good news for many BTC miners still operating or doing business all over the world. The fall of difficulty can mean that there are now less competition in this arena and can be because there are areas having difficulties on power source and there are those that just stopped mining because the political environment is not conducive anymore though am sure also that mining remains to be very profitable even at today's price in the market. Will this encourage more entrants to the market? Maybe yes.

mining always needs high cost, for equipment and electricity cost.
At several countries ban mining, I think It's the reason why bitcoin mining difficult drop, maybe many miner stopped their activities.
For several reasons, has been at their countries or high cost.
It's good, because we will see mining is working now.
I'm also have miner equipment, but didn't work now. It's very expensive.

[Zepline]

On March 4th, 2022, Paragen stated that 1,080 addresses had been picked for its IDO. That, I suppose, is the large figure, and I hope it has a beneficial impact on Paragen's future.