Bitcoin’s Mining Difficulty: Biggest Increase Since 2014
Bitcoin’s price may be down but nothing to fear; mining difficulty is now at a high unreached since 2014:
Bitcoin’s mining difficulty adjusts to a new high with the biggest increase since 2014
Data sources from BTC.com and Poolin show that bitcoin’s mining difficulty adjusted to 25.05 Trillion around 9:00 UTC on Thursday at block height 683,424 with a 21.53% jump over the last record, which is also the largest single percentage increase since July 2014.
Bitcoin’s mining difficulty is designed to adjust itself every 2,016 blocks based on the average block production intervals throughout the period, which typically lasts for 14 days.
If the average interval is shorter than 10 minutes, which means more hash rate during the period has been plugged in, the network will increase the difficulty in reaction to the rising level of competition on the network. Similarly, if the average block interval is longer than 10 minutes, the network difficulty will fall.
The last time a single bitcoin mining difficulty adjustment above 21% took place in October 2017 with 21.39%. Today’s biggest difficulty jump in almost seven years comes after a speedy recovery of the network’s hash rate from recent incidents in China’s Xinjiang province.