Bitcoin difficulty rises after 3 drops and represents a revitalization of mining

Key facts:
  • The hash rate increased by 10% at the end of July and reached 212 EH/s.

  • Between the end of June and July, the difficulty decreased by 2.6 tons in total.

Yesterday, Thursday, August 4, mining difficulty in the Bitcoin network rose after six consecutive weeks (three periods) of decline. Now, the value is at 28.17 t and will remain so for the next two weeks.

By June 21, 2022, the Bitcoin network difficulty was at 30.2 T. With that day’s adjustment, it had dropped to 29.5 T, and two weeks later it had dropped again, to 29.1 T. The last adjustment was on July 21, the day this scale reached 27.6 tons.

The main reason for this upward adjustment is the computing power (hash) of Bitcoin, which rose from July 23 to 30 From 192 EH/s to 212 EH/s. That is, it has grown by 10%. From that peak, it has fallen again, and at the time of writing this note is at 198 EH/s, according to data from the Hashrate Index.

this information It seems to be giving an indication that some miners are reconnecting their equipmentAfter being shut down due to the intense heat wave in the northern hemisphere that led to electricity consumption in many countries.

also, The decline in profitability due to the bear market for cryptocurrencies also affected this summary. A trend coming to an end, experts predict.

Bitcoin mining difficulty increases in graph
This is how Bitcoin’s difficulty has fluctuated in the past month. Source: Coinwarz.

As explained on CriptoNoticias Cryptopedia, The difficulty of mining the Bitcoin network is related to computing power (hashing) at the time of modification. The purpose of this difference in complexity is to maintain a 10-minute gap between the creation of one block and the next. Thus, if more miners join or if miners increase processing power, Bitcoin makes the hash puzzle that must be solved in each block more difficult.

 

 

 

 

 

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