The difficulty for mine bitcoin (BTC) fell about 4.33%, after an adjustment made yesterday (25), representing the biggest drop since July 2021.
The data was published by BTC.com, which tracks the difficulty of mining the cryptocurrency and publishes an update approximately every two weeks when adjustments are made.
What is the difficulty to mine bitcoin
The difficulty to mine bitcoin refers to the computational power required to mine a block of transactions, that is, the greater the difficulty, the greater the computational power.
Computational power is linked to the complexity of the mathematical process behind mining, in which miners continually try to find a hash smaller than that of the current block.
Miners who “discover” the new hash earn a reward for the next transaction block. The difficulty is adjusted every 2016 blocks, in sync with the network hash rate.
The hash of a block is a type of encryption that identifies a given block, along with the information present in it. It is important to point out that the hash is always unique in each block.
The difficulty levels for mine bitcoin they haven’t dropped more than 1.5% in one go since last July, when the difficulty plummeted 4.81%.
This record in the fall happened at the moment when the China decided to ban the bitcoin mining in the country, melting the network’s total hash rate by 50% in the two months following the decision.
Since May 11, the date of the last update, the hash rate of the Bitcoin network has dropped by around 5.43%, according to data compiled by The Block Research.
Since mid-2021, the difficulty to mine bitcoin has been increasing overall, along with the hashrate, with the exception of a few occasional small drops.
The increase in the difficulty of bitcoin mining indicates that the cost of mining the cryptocurrency has also gone up.
The Cambridge Center for Financial Alternatives, considered the leader in hashrate distribution data, published new results last week indicating that some bitcoin miners continued to operate in China even after the ban.
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I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.