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Miners will soon have to endure a high level of difficulty – What is happening with Bitcoin?

 


Bitcoin, the Proof-of-Work (PoW) blockchain, depends on its mining process to ensure the security and stability of its network. This includes the activities of miners who use special mining machines (ASICS) and electricity to verify transactions.


Over the years, mining has attracted various companies, especially when Bitcoin's price was high. BTC mining difficulty and network hash rate play a major role in block rewards. According to a recent report, the BTC mining difficulty will make a new 7-month high this week.


The BTC mining diffculty adjustment occurs every 2,016 blocks. However, the network has seen a reduction in this value over the years, particularly during the summer months. The ban on mining in countries like Iran and China due to high energy consumption also contributed to this decline.


Adjusting the Bitcoin mining difficulty is crucial for the functionality of the network. Because it defines the ease or difficulty of the mining process in the network based on the number of miners working on the blockchain.


Usually, the more miners there are on the network, the harder it is to get bitcoin rewards, and vice versa. The adjustment process ensures that the production of new bitcoin blocks does not change. 


The Bitcoin network has seen various twists and turns in its mining difficulty. In 2022, BTC had various negative adjustments in a row until mid-summer. The data of about -5.01% on July 21 marked the lowest level in the last year.


Bitcoin hash rate increases

However, reading 1.74% in early August is a positive move. Another 0.63% increase follows two weeks later. The subsequent adjustment will come in less than two days and could mean an increase of about 7%, according to BTC.com data. 


Not only is Bitcoin mining difficulty climbing, the hash rate is also following the pattern. This is due to the correlation between BTC difficulty and hash rate. Usually, an increase in hash rate means an adjustment in mining difficulty.


BitInfoChart data shows a drop in BTC hash rate. It fell from its ATH of 250EH/s in early June to 170 EH/s after two months. However, the hash rate has recovered and increased to 230 EH/s, a 30% increase.

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