The latest Bitcoin’s mining difficulty adjustment increase by 14.95% – the most since January 2018
According to BTC.com, the third Bitcoin’s mining difficulty adjustment after the halving saw this measure of how hard it is to compete for mining rewards increase by 14.95% to more than 15.78 trillion today. This is bringing it closer again to the 16 trillion levels, reached only twice, pre-halving: in March and May this year.
Bitcoin’s mining difficulty increased by nearly 15%
Meanwhile, the last time Bitcoin mining difficulty jumped more was in January of 2018, when it increased by 16.84%. Predictions last week seem to have underestimated the difficulty of this Bitcoin mining adjustment, as it has risen higher than expected.
Portfolio manager Blockfolio commented on Twitter about the difficulty adjustment:
Bitcoin’s mining difficulty just increased by 14.9%.
What does that mean?
Even after the mining subsidy was cut in half a month ago, more hashrate has joined the network than ANY TIME since the historic 2017/18 market bull run.
— Blockfolio (@blockfolio) June 16, 2020
This time, it increased as more Bitcoin miners turned their machines on, increasing hashrate, or the computational power of the network, and decreasing block time. As a reminder, the mining difficulty of Bitcoin is adjusted every two weeks (every 2016 blocks, to be precise) to maintain the normal 10-minute block time (it shows how fast a new block is found). Recently it fluctuated around 8 – 9 minutes.
Since the previous difficulty adjustment on June 4, hashrate (7-day moving average) jumped by around 8%.
Source: Bitinfocharts.com
In both cases, this difficult adjustment will cut the operating profit margin and force some less efficient mining companies to shut down their machines.
Besides, as reported, mining companies have begun to gain a lot of newly created BTC at a time when BTC is still not violating the psychological importance of $ 10,000.
Read more:
- Blockchaincenter.Net: Search Interest In Bitcoin Is Highest In Africa And South America
- The Rebound Today Allowed Bitcoin Price To Thwart A Death Cross, Does A Good Signal Appear To Help Increase The Price To $ 20,000?