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Bitcoin mining difficulty rises again by over 7% since the previous difficulty adjustment. Since June 28, BTC’s hashrate has climbed over 69.56% and has been rising higher following the cryptocurrency's increased market prices.
Bitcoin Mining Gets Harder Over 7% for Block Rewards
With about every two weeks or 2016 blocks, BTC adjusts itself in how tough it is for miners to mine. On Friday, Bitcoin mining difficulty jumped by more than 7%, reaching 15.56 T, last seen back in June 2020, signifying it just got harder and less profitable to mine for BTC.
The current mining difficulty could increase higher if the hashrate continues to climb. At the time of writing, Bitcoin’s mining difficulty is around 14.50 trillion and is expected to be around 15.57 trillion after the next difficulty change. This indicates that over the last month, the difficulty will be close to 13.39% higher in two days.
At the same time, data from BitInfoCharts.com indicate that hashrate has been on a steady increase since July 3, while Jason Deane, an analyst at crypto advisory firm Quantum Economics, says:
Miners are Back in the Game
When China kicked out all its miners more than half the computing power in the BTC network went offline. Miners all over the world had to face repercussions as fewer people and less computing power meant that it was taking longer to verify transactions and mint new Bitcoin.
Since then, the Bitcoin algorithm self-corrected from and in July, the network saw an unprecedented 28% drop in the difficulty level, making it easier to mine the leading cryptocurrency.
The entire episode was considered a black swan event for the crypto industry, but crypto miner, Alejandro de la Torre says that it also made a whole lot of people much richer.
With the new adjustment, it’s essentially 7.3% less profitable to mine Bitcoin.