As the hash rate of the Bitcoin (BTC) network continues to recover, mining cryptocurrencies becomes increasingly difficult.
The Bitcoin network experienced another automatic mining difficulty fix on Tuesday. According to data from blockchain explorer BTC.com, the difficulty of mining has increased by 3.2 percent to approach 19 trillion.
With the latest correction, Bitcoin has seen a fifth consecutive increase in mining difficulty since mid-July. The network’s mining difficulty increased more than 31 percent from 13.7 trillion, the lowest difficulty level since June 2020.
Bitcoin’s mining difficulty has seen four consecutive declines, starting with a 16% drop at the end of May.
Although the difficulty of mining has increased five times in a row, it is still a far cry from the record of 25 trillion recorded in May 2021.
Bitcoin mining difficulty is a metric designed to convey how difficult it is to mine a block of Bitcoin. The higher the difficulty, the more processing power will be required to verify transactions and generate new coins. Both difficulty fixes occur every 2016 blocks (approximately two weeks).
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