by Rushali 
After 2021’s first adjustment, mining difficulty touched a new record high over the weekend, as the price of BTC was floating around its all-time high.
Mining difficulty is used to measure relatively how difficult and time-consuming is finding the right block on the BTC network. According to Blockchain.com’s public data, starting at block 665,280, difficulty rose to 20.607 trillion, making it really hard to generate new blocks. And for the first time in history that the BTC network has touched the trillion mark.
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The experts say that these events are not surprising by looking at the market conditions and behavior of financial markets due to market manipulation. From the last October, the price of BTC was rising making it lucrative for participants, so this correction was necessary. Many participants had tripled their mining earning.
The time taken to mine a block should remain 10 min on average and for that this adjustment occurs every approx 14 days. Following this week’s BTC sell-off may deteriorate the mining difficulty a bit. But as historically we have seen, mining difficulty always corrects itself.
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But, nowadays one more thing is driving the BTC market, due to questionable financing schemes, larger block reward mining companies are deploying new high-performance next-generation ASIC hardware to mine at a larger scale than ever before.
By looking at the latest conditions, BTC’s rate is likely to remain higher than 2020 levels.
