After several consecutive negative mining difficulty adjustments, bitcoin's network has changed the tides.
After several consecutive negative mining difficulty adjustments, bitcoin’s network has changed the tides.
The bitcoin mining difficulty is expected to see its largest increase in over seven months later this week.Largest Increase in Mining Difficulty Since January? The bitcoin mining difficulty adjustment is an essential part of the world’s largest blockchain that makes it either easier or harder for miners to do their job depending on the number of entities plugged into the network.it gets for them to get the rewards, and vice-versa. This adjustment process happens every 2,016 blocks and makes sure that the block production remains the same, no matter how many miners are active.
Over the past several years, it has typically declined during the summer months since quite a few countries, such as Iran, ban mining in this period due to the high electricity demand.This happened once again in 2022, and the bitcoin network saw several consecutive negative adjustments in the middle of the summer. TheThe trend changed at the start of August with a 1.74% positive increase, followed by another one two weeks later.from BTC.com shows that it should be an increase of just over 7%.
As such, it’s no wonder that the hash rate had dropped quite a bit in the past few months. According to BitInfoCharts, the metric plummeted from anSince then, though, the hash rate has increased by about 30% and currently sits just shy of 230Ehash/s, meaning that it’s inches away from tapping a new ATH.
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