In today's wave of digital currencies, Bitcoin is the most representative cryptocurrency, and the changes in its mining difficulty directly affect the survival and profitability of miners. Recently, with the continuous development of the Bitcoin network, the mining difficulty has reached an unprecedented high, which undoubtedly makes many miners feel unprecedented pressure. This article will explore the reasons behind this phenomenon, as well as the difficulties faced by miners in this challenging environment and possible paths for future development.

First, we need to understand the basic mechanism of Bitcoin mining. The Bitcoin mining process verifies transactions and ensures network security by solving complex mathematical problems. Every time a miner successfully mines a block, he will receive a certain amount of Bitcoin as a reward. However, as more miners join, the total computing power of the network increases, resulting in an increasing difficulty in mining. This "difficulty adjustment mechanism" is designed to keep the Bitcoin block time stable, but it also makes the miners' work more difficult.

According to the latest data, the difficulty of Bitcoin mining has risen by nearly 20% in just a few months. This change is undoubtedly driven by a combination of factors. First, as the price of Bitcoin rises, more and more people are pouring into the market, leading to a surge in the number of miners. Secondly, technological advances have led to a continuous increase in the computing power of mining machines. Although this has improved the competitiveness of miners to a certain extent, it has also increased the difficulty of mining.

The pressure that miners are under when facing these challenges can be imagined. Take a small mine operator in northwest China as an example. He has felt unprecedented distress in the past few months. Due to the increase in mining difficulty, his mine's income has been greatly reduced, and he even suffered losses at one point. In order to maintain operations, he had to consider expanding the scale and purchasing more efficient mining machines, which brought huge financial pressure. At the same time, the increase in electricity costs has also become a realistic problem that he must face. Under such circumstances, many miners have to re-examine their operating models, and some even choose to temporarily withdraw from the market.

However, despite the difficulties, miners did not give up easily. Instead, many miners began to explore new solutions. For example, some miners began to turn to renewable energy to reduce electricity costs and reduce environmental impact. This shift not only helps them maintain their advantage in the competition, but also provides new ideas for the sustainable development of the Bitcoin mining industry.

In addition, as the difficulty of Bitcoin mining increases, miners are constantly looking for opportunities for cooperation. More and more miners choose to join mining pools to share computing power and profits. In this way, even small-scale miners can find a place in the highly competitive market. This kind of cooperation can not only reduce the risk of individual miners, but also improve the overall mining efficiency.

It is worth noting that although the difficulty of Bitcoin mining is constantly increasing, this does not mean that there are no opportunities in this industry. On the contrary, as technology continues to advance, miners are expected to find more efficient mining methods in the future. For example, advances in quantum computing technology may completely change the way Bitcoin is mined in the future, allowing miners to obtain more Bitcoin at a lower cost.

In this era full of changes and challenges, the future of miners depends on their adaptability and innovation. In the face of increasing mining difficulties, only by constantly improving their technical level and finding better resource allocation can they remain invincible in the competition. At the same time, miners also need to pay attention to market trends and adjust their strategies in time to cope with the ever-changing market environment.

The future of Bitcoin mining is not only related to the survival of individual miners, but also to the healthy development of the entire digital currency ecosystem. Therefore, in this process, policy support, technological innovation and cooperation between miners are particularly important. Only with the joint efforts of all parties can the sustainable development of the Bitcoin mining industry be promoted.

In general, the rising difficulty of Bitcoin mining has brought unprecedented challenges to miners, but it has also provided them with new opportunities. In this rapidly changing market, miners need to constantly adjust their strategies and improve their competitiveness to adapt to the changes in this industry. In the future, Bitcoin mining will no longer be a simple profit game, but a complex ecosystem that requires technology, wisdom and cooperation. Miners face both challenges and opportunities. Only by being innovative and good at cooperation can they go further on this thorny road.

In this process, we should also reflect on the impact of Bitcoin mining on the environment. As the difficulty of mining increases, the problem of energy consumption becomes more prominent. How to balance environmental protection while pursuing economic benefits will be another difficult problem that miners need to face. Sustainable mining methods are not only related to the survival of miners, but also to our common future.

With the continuous advancement of technology, Bitcoin mining in the future may become more efficient and environmentally friendly. The role of miners will also change. They will no longer be mere "miners", but an indispensable part of the entire digital currency ecosystem. Through cooperation and innovation, they will be able to find new ways out in this challenging industry and realize their own value.

In short, the difficulty of Bitcoin mining is constantly increasing, and miners face both challenges and opportunities. In this rapidly changing market, only by continuous innovation and cooperation can we remain invincible in the competition. The future of Bitcoin mining will be a field full of possibilities, which is worth every participant's deep thought and exploration.

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In early September, Sushiswap set off a climax of liquidity mining. Ethereum's daily transaction fee set a record on the second day of Sushi's launch, with daily cumulative transaction fees exceeding 40,000 ETH. In the first half of September, the Ethereum chain's transaction fees were 243,200 ETH, equivalent to approximately US$96,436,100, accounting for 58% of Ethereum miners' mining income. As the market corrected and DeFi cooled down, Uniswap liquidity mining emerged and launched an unprecedented large airdrop. On September 17, the day the news was announced, the Ethereum chain was congested again, and the 1-hour transaction fee hit a new record high. The cumulative transaction fees on that day exceeded 33,000 ETH.
As DeFi becomes popular, Ethereum miners are well fed, but on the other hand, Bitcoin miners are having some headaches.
In September, Bitcoin computing power continued to grow. OKlink data shows that the computing power of the entire network has increased from about 123EH/s at the beginning of the month to 144.44EH/s on September 18, setting a new historical record. After the most recent difficulty adjustment of nearly 10%, the difficulty of Bitcoin mining has now reached 19.32T, also setting a new high. What is even more worrying for miners is that the increase in mining difficulty will continue. According to BTC.com's forecast, after the next adjustment, the difficulty of the entire network may reach 21.07T, an increase of 9.09%. As the difficulty soared, the unit computing power income also dropped again and again, currently at 0.00000651
BTC/T is at its lowest point in history.
Data source: OKlink
At the same time, most of China's Bitcoin mining is concentrated in Sichuan, which is rich in hydropower resources. There has always been a saying that there is a flood season and a dry season, and the time point for this transition is around May and October every year. After October, it is the dry season in Sichuan, and Sichuan's power supply will be reduced by about 80%.
The dry season is approaching, and miners are taking advantage of the last time to start old machines, causing the computing power to increase. This seems to be a logical explanation. However, Chen Lei, the founder of BitBlueWhale, believes that this is not the only factor. He believes that the increase in computing power is due to the entry of new machines on the one hand, and on the other hand, there are some mining farms in the north that have been powered on and started up one after another, so it should be caused by the superposition of multiple factors.
In fact, after the flood season, Sichuan's mining machines have only three options: first, shut down, collect dust in the mine, and wait until the flood season next year to restart. Second, go far away to areas with cheaper electricity resources such as Kazakhstan. Third, migrate to thermal power mines in Xinjiang, Inner Mongolia and other places. Some miners holding old machines may face the situation of not being able to dig; some miners started preparing for the deployment of the dry season a month ago, and they are worried about where to move the machines and whether they can afford to move them.
If relocation is carried out, where will the miners move to? Chen Lei told Babbitt that there are still very few mining farms abroad. There have been some new ones in North America this year, and there has been some good news in Iran and Kazakhstan, but the total amount is still not large. Coupled with the impact of the overseas epidemic, most mining machines are still migrating from south to north in the country.
"In China, there are not many options for thermal power, with some scattered in Inner Mongolia, Xinjiang and several other provinces in the northwest. In terms of policies, supporting facilities, electricity prices and other aspects, according to the data tracked by the BitBlue Whale team on compliance and crisis events every year, there is no absolutely safe area. Mining sites have always been discussed on a case-by-case basis and each place has its own situation. The general principle of selecting a mine should be to select people, teams and good service providers and partners."
It can be seen that the decline of the computing power of the entire network during the dry season should be an inevitable event. Chen Lei said that in fact, during the entire flood season, even if the computing power has been increasing, the old machines are still filling the load and will not be removed. New machines are only added in small batches. In the dry season, the million-level old machines will not move north, and the production capacity of new machines is also very limited, far from enough to make up for the reduced computing power of the old machines. Therefore, it is foreseeable that the computing power will decline significantly.
So when will the new machines catch up?
Chen Lei believes: "According to the current sporadic news on the chip side, we expect that the slow shipment problem of some manufacturers will be improved from the end of this year to the flood season next year, and the shipment will enter a stable and improved period. Therefore, in the first half of this year's dry season, the new volume will not be large, and the overall significant new volume should be seen in the flood season next year. Of course, all this also depends on the rise and fall of BTC prices."