Bitcoin Mining Difficulty Increased by 1.74% After Three Falls in a Row
This indicator increases when miners include more equipment in the network and increase the hashing speed. This time, the miners managed to increase the hashrate by almost 5%. As a result, Bitcoin mining difficulty jumped by 1.74% after falling for three consecutive time periods.
This change is reflected in the data published on Thursday BTC.com , which track the complexity of network mining and publish updates, as adjustments occur approximately every two weeks.
Zach Voell, an analyst at mining company Braiins, said it's not unusual to see such a small spike after more significant drops.
"The complexity is still significantly lower than a few months ago, and many hashrates have been disabled due to declining profitability, summer temperatures and some protracted delays with the construction of sites," he said.
According toKevin Zhang, senior vice president of mining strategy at Foundry, heatwaves in major mining regions such as Texas and Georgia in the US and Sichuan in China have had a major impact on the recent decline in hashing speed and complexity.
"Rising temperatures have only exacerbated the volatility of energy prices in an already tense global market," Zhang said.
Just this week, bitcoin miner Riot said that the time it shut down its businesses due to the intense heat in Texas in July led to a reduction in bitcoin mining by about 21%.
"We could see more small positive changes before the end of the summer as some miners around the world deploy more machines. But a significant increase in hashing speed and complexity is unlikely until the market significantly recovers," Voell said.
The network's hashing rate has also increased by almost 5% since July 21, the date of the last update, according to the network.
Complexity refers to the level of computational costs of the mathematical process underlying mining, during which miners repeatedly try to find a hash with certain characteristics (N-th number of zeros at the beginning). Miners who "discover" this hash receive a reward for the next block of the transaction.
The mining difficulty changes every 2016 blocks (approximately every two weeks) in accordance with the hashrate of the network.
https://coin-signal.com/cryptonews/bitcoin-mining-difficulty-increased-by-1-74-after-three-falls-in-a-row/
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