Bitcoin mining difficulty jumps 9.26% in the largest increase since January
Bitcoin mining difficulty has increased by 9.26%, the biggest adjustment since January and the third positive one in a row.
The change is reflected in data published Thursday by BTC.com, which tracks network mining difficulty and posts an update as adjustments take place roughly every two weeks.
The network’s hash rate has also gone up by over 12% since August 18, the date of the last update, according to data compiled by The Block Research.
Mining difficulty had fallen significantly earlier in the summer, as bitcoin miners, particularly in Texas, turned off their machines in response to peak power demand due to the extreme heat.
Mining difficulty refers to the complexity of the mathematical process behind mining, during which miners are repeatedly trying to find a hash below a set level. Miners that “discover” this hash win the reward for the next transaction block. The difficulty adjusts every 2,016 blocks (roughly every two weeks) in sync with the network’s hash rate.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Catarina Moura
