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Mining Bitcoin will be especially profitable tomorrow

Photo of: Nathan VDH
by Nathan VDH

Bitcoin’s mining difficulty could return tomorrow to levels not seen since August with an expected drop of nearly 15%, at levels last seen during the situation after the stock market crash in March.

According to data from BTC.com, a significant mining pool, the next bi-weekly readjustment will take place tomorrow Tuesday morning, November 3 (UTC), and could see the mining difficulty drop by 14.96% after weeks of almost constant growth.

This will be a marked change from the last few weeks, a period during which the mining community has had to face unprecedented levels of difficulty, a little less than 20T. The newly adjusted figures should allow for a return to just over 17T, similar to the levels recorded at the end of last summer, which will improve the profit margins of the mining industry.

In addition, some industry figures show that CTS transaction costs may decrease after this adjustment, while transaction speed may also improve. Median transaction costs have already declined by more than half since October 30, reaching $3.6 yesterday and levels last seen in August.

As a reminder, Bitcoin’s mining difficulty is adjusted every two weeks (or more precisely, every 2016 blocks) to keep the block time around 10 minutes, which exceeded 14 minutes last week and was corrected below 12 minutes yesterday.

In addition, the Bitcoin hashrate, or the computing power of the network, has dropped sharply recently, reaching levels not seen since the end of June this year. This drop is probably due to Chinese miners moving their equipment around for the dry season.

And according to Bytree’s figures, the miners are spending their tokens massively rather than keeping them. Miners usually build up their stocks when the market is low and sell on the upside. According to the miners, we are most likely in a bull market with high prices.