Mining of bitcoins became more difficult

According to Bloomberg, the level of computing power required to mine bitcoins has reached the record. It happened because of the update in the Ethereum network, a lot of data was released, and a quite large number of companies use it.

Now the complexity level for bitcoin mining is 35.61 trillion hashes. This is an unprecedented record. Over the past two weeks, the growth rate reached 13.5%. This is the biggest price spike since May of last year.

An Ethereum upgrade or merger causes Ethereum miners to shut down computers. Because of this, additional space remains in the data centers, which users utilize to mine bitcoins. As a result, the competition among miners has increased. The more power they use, the higher the complexity of mining cryptocurrency becomes.

Bloomberg writes that an increased level of computing power will reduce the incomes of bitcoin miners. Their income has already declined due to the low price of bitcoin and the price spike of energy. The higher the mining power, the less cryptocurrency each user receives individually.