According to BTC.com, Bitcoin mining difficulty is increasing.
In fact, the current mining difficulty is the highest it’s been since January, sitting at 30.97 trillion and 230 EH/s currently. When compared to a period just two weeks ago, this is a 9.26% increase.
The escalating difficulty is linked to the rising number of Bitcoin miners. Even though this is a sign of a healthy industry, the stiff competition is making it harder for miners to make a decent profit.
The infamous crypto crash of 2022 didn’t help either. Currently, Bitcoin’s value is over 70% down since its November all-time high. According to CoinGecko, it is trading at $19,838.