CRYPTO

The problem of bitcoin mining has increased by 31% since July


As the hash rate of the bitcoin network continues to recover amid greater mining power savings worldwide, cryptocurrency mining is becoming increasingly difficult.

According to data from blockchain explorer BTC.com, on Tuesday, the Bitcoin network posted another mining difficulty adjustment, which rose 3.2% to reach a trouble rate of about 19 trillion.

The latest adjustment marks the fifth consecutive rise in Bitcoin (BTC) mining difficulties since mid-July, with the difficulty rate increasing by more than 31% from about 13.7 trillion, the lowest difficulty level since June 2020.

The new positive adjustments follow a batch of four consecutive difficulty drops that began in late May with global environmental, social and corporate governance concerns over Bitcoin, as well as a nearly 16% drop in China’s nationwide crackdown on cryptocurrency mining.

Despite seeing five positive adjustments in a row, the current bitcoin mining difficulty rate is still far from the all-time high of 25 25 trillion recorded in May 2021.

A combination of Bitcoin’s 10 past mining difficulties. Source: BTC.com

The difficulty of bitcoin mining is a metric designed to reflect how difficult it is to dig a bitcoin block, requiring more computing power to verify transactions with higher difficulty levels and to dig new coins. Difficulty adjustment occurs every 2.01 blocks block, or almost every two weeks, as Bitcoin is programmed to self-adjust to a target block time of 10 minutes.

Related: Bitcoin mining is projected to represent 0.9% of global carbon emissions by 2030

The growing difficulty of BTC mining comes in parallel with the significant surge in bitcoin hash rates, the total combined computational power used to mine and process BTC transactions. The Bitcoin hash rate rose to 150 Exhahs (EH / S) in late August, dropping to 52 EH / s in June, back in early June, indicating that miners are returning online after the Chinese crackdown.