Cryptocurrency

Bitcoin mining difficulty rises by over 9%, highest since January

Bitcoin (BTC) mining difficulty surged 9.26% to 30.98 trillion at block height 751968, the highest since January 2022, according to Glassnode data.

Bitcoin mining difficulty
Source; Glassnode

This metric shows that more miners are joining the network, even though assets performed relatively poorly in August.

Bitcoin mining difficulty is a metric used to measure how difficult it is for miners to mine blocks of the flagship digital asset. Metrics are updated every 2,016 blocks (approximately every two weeks).

Mining difficulty, on the other hand, depends on the hash rate level, which is the computing power of the Bitcoin network.

Naturally, Bitcoin’s average hash rate It has increased over the past seven days, reaching 224.7 EH/s (exahash per second) on August 30, compared to 197.7 EH/s recorded two weeks ago.

bitcoin average hashrate
Source: Glassnode

The recent surge in Bitcoin hashrate and mining difficulty is due to more miners powering up their machines as the heat wave that plagued North America and Europe abates, according to market sources. Probability is high.

galaxy digital I have written:

โ€œNetwork difficulty drops in the summer and spikes in the fall and winter as miners come back online.โ€

Additionally, many miners deployed The arrival of new machines such as the Antminer S19 XP in the last few months has further increased the hash rate.

However, the high mining difficulty may be a problem for those using old equipment, According to mining consultancy Blockbridge, the office Claim If the Bitcoin price remains around $20,000, there is a risk that miners using inefficient equipment will capitulate.

Posted In: Bitcoin, Mining

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