Bitcoin Mining Difficulty To See Largest Increase In 7 Months
We’re expecting to see the largest increase in mining difficulty in over seven motnhs later this week:
Bitcoin Mining Difficulty Expected to See Largest Increase in 7 Months
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.
Essentially, the more miners work on the network, the harder it gets for them to get the rewards, and vice-versa. This adjustment process happens every 2,016 blocks (roughly two weeks) 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. The largest one was on July 21 (-5.01%) – a level not seen in over a year.
The trend changed at the start of August with a 1.74% positive increase, followed by another one (0.63%) two weeks later.
The next adjustment is scheduled to take place in less than 48 hours, and data from BTC.com shows that it should be an increase of just over 7%. This would be the largest one since January 21 (9.32%