As the Bitcoin network’s hash rate continues to recover among more power accumulating from global miners, cryptocurrency is becoming increasingly difficult to mine.
On Tuesday, the Bitcoin network released a new mining difficulty adjustment, jumping 3.2% to a difficulty level of close to 19 trillion, according to blockchain researcher BTC.com.
The latest adjustment marks the fifth consecutive jump in Bitcoin (BTC) mining problems since mid-July, with difficulty increasing more than 31% from around 13.7 trillion, the lowest difficulty since June 2020.
The new positive changes follow a series of four consecutive levels of difficulty that began with a decline of nearly 16% in late May amid global environmental, social and corporate concerns over bitcoin, as well as China’s attack on crypto mining.
Despite five consecutive positive adjustments, the current level of bitcoin mining problems is still far from the all-time high of more than 25 trillion recorded in May 2021.
10 Previous Amendments to Bitcoin Mining Issues. Source: BTC.com
Bitcoin mining difficulty is a calculation designed to reflect how difficult it is to mine a block of bitcoins, with a higher degree of difficulty requiring greater processing power to validate transactions and mine new coins. The difficulty adjustment occurs every 2016, or approximately every two weeks as Bitcoin is programmed to self-adjust to maintain a target block time of 10 minutes.
On the topic: Bitcoin mining is estimated to account for 0.9% of global carbon emissions by 2030
The steady growth in bitcoin mining problems parallels the significant growth in bitcoin hash prices, the total aggregate computing power used to mine and process bitcoin transactions. Bitcoin hash rate jumped to 150 exahishes (EH/s) in late August after dropping to 52 exahishes in June, and is back at levels in early June, indicating that miners are coming back online following the Chinese advance.