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Bitcoin Mining Difficulty Sees Huge 6.8% Increase

Bitcoin’s mining difficulty rate adjustment is one of the key innovations behind the success of the Nakamoto consensus. As the amount of miners increases or decreases the difficulty of Bitcoin’s PoW increases or decreases, every 2016 blocks. Today we saw a nearly 7% increase.


MINING DIFFICULTY INCREASED, BUT WHAT DOES IT MEAN FOR BITCOIN?


Bitcoin’s mining difficulty rate recalibrates roughly every two weeks, or 2016 blocks. This means that as more miners add to the network’s hash rate, the difficulty of the PoW increases, making finding new block rewards more difficult. If miners were to stop mining en masse, the difficulty would decrease to keep the equilibrium.

Bitcoin Mining Difficulty Sees Huge 6.8% Increase

Bitcoin’s PoW hash rate is the amount of computing power one would need to do a reorg attack or to change the blockchain. Bitcoin’s hash rate is currently at 121,637,666 tera hashes. As hash rate increases and more miners secure the network, Bitcoin’s price sometimes follows it up. Read More...