Cryptocurrencies can be mined on almost anything, but to make it profitable, you need very powerful machines. And now this is even more true, as the difficulty of Bitcoin mining has reached a new record level.
In the past, Bitcoins could be mined on home computers. Nowadays, however, for effective mining, you need mining rigs that contain several extremely powerful graphics cards, each costing tens of thousands of Czech crowns.
This also shows how demanding this modern gold rush is in terms of computing power.
All these machines are equipped with special software that performs pre-set calculations, resulting in the acquisition of virtual coins. This specialized software is programmed to release new coins at a steady but gradually decreasing rate. The total number of coins in circulation is expected to reach 21 million, around the year 2140.
1.2 million Bitcoins left to mine
According to the website Bitbo.io, there are currently more than 1.2 million Bitcoins left to mine. Currently, only about 450 are being added daily.
The measure of Bitcoin mining difficulty is how many hashes (or iterations of functions) miners must generate to add a new block to the Bitcoin blockchain. And right now, mining has reached a new record, with miners needing to “dig up” 90.67 trillion hashes after the latest adjustment.
“Higher difficulty means that more computing power is needed to mine the same number of blocks, which makes the Bitcoin network more secure against attacks, which is positive,” noted Simon Peters, a cryptocurrency market analyst at eToro.
“On the other hand, it also means that smaller mining operations may come under increasing pressure and will have to work harder to stay in business, which could lead to their closure and the potential sale of any held Bitcoins, putting further pressure on prices,” Peters added.
Whether the Bitcoin price will rise or fall in the coming days and weeks, no one can say with 100% certainty at this point.
The exchange rate is gradually rising
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