Bitcoin mining difficulty has soared 31% since July

As the Bitcoin network hash rate continues to recover as miners around the world accumulate more capacity, cryptocurrencies have become increasingly difficult to mine.

According to data from the blockchain browser BTC.com , on Tuesday, the Bitcoin network once again released a mining difficulty adjustment, which rose 3.2% to a difficulty rate of nearly 19 trillion.

The latest adjustment made up for the fifth consecutive surge in the difficulty of Bitcoin (BTC) mining since mid-July. The difficulty has increased by more than 31% from about 13.7 trillion, which is the lowest difficulty level since June 2020.

Due to global concerns about the environment, society, and corporate governance of Bitcoin and China’s new policy on crypto mining, after a drop of nearly 16% in late May , the new positive adjustments began a series of four consecutive declines.

Despite five consecutive positive adjustments, the current Bitcoin mining difficulty rate is still far below the historical high of more than 25 trillion set in May 2021 .

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The difficulty of Bitcoin mining has been adjusted for the past 10 times. Source: BTC.com

Bitcoin mining difficulty is an indicator designed to reflect the mining difficulty of Bitcoin blocks. Higher difficulty levels require more computing power to verify transactions and mine new coins. Difficulty adjustments occur every 2,016 blocks or approximately every two weeks because Bitcoin is programmed to adjust itself to maintain a target block time of 10 minutes.

The continued increase in the difficulty of BTC mining coincided with the dramatic increase in Bitcoin’s hash rate (the total computing power used to mine and process BTC transactions). After the Bitcoin hash rate plummeted to 52 EH/s in June, it soared to 150 exahashes (EH/s) in late August, returning to the level of early June, indicating that miners are back online after China’s crackdown.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/bitcoin-mining-difficulty-has-soared-31-since-july/
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