As the Bitcoin network (BTC) hashrate continues to recover amid global miners accumulating more capacity, cryptocurrency becomes increasingly difficult to mine.
On September 21, the Bitcoin network posted another mining difficulty adjustment, increasing 3.2% to a difficulty rate of nearly $ 19 trillion, according to data from blockchain explorer BTC. .com.
The latest adjustment marks the fifth consecutive increase in Bitcoin mining difficulty since mid-July, with the difficulty rate increasing by more than 31% from around $ 13.7 trillion, the lowest difficulty level since June 2020.
The new positive adjustments follow a batch of four back-to-back difficulty drops that began with a nearly 16% drop in late May amid global ESG concerns over Bitcoin as well as the nationwide crackdown on crypto mining. -currency by China.
Despite five consecutive positive adjustments, Bitcoin’s current mining difficulty rate is still far from the record high of over $ 25 trillion recorded in May 2021.
Bitcoin mining difficulty is a metric designed to reflect how difficult it is to mine a Bitcoin block, with a higher level of difficulty requiring more computing power to verify transactions and mine new coins. The difficulty adjustment occurs every 2,016 blocks, or roughly every two weeks, because Bitcoin is programmed to automatically adjust to maintain a target block time of 10 minutes.
Related: Bitcoin mining reportedly accounts for 0.9% of global carbon emissions in 2030
With the continued growth in BTC mining difficulty comes a significant increase in the Bitcoin hashrate, the total combined computing power used to mine and process BTC transactions. The Bitcoin hashrate rose to 150 exahashs (EH / s) in late August after dropping to 52 EH / s in June, recovering to early June levels and indicating miners were returning online after the Chinese crackdown.