Bitcoin mining becomes increasingly harder to do

The level of difficulty in bitcoin mining rose by 14.95% and is thus at the fourth most difficult level in BTC history

The current adjustment to Bitcoin’s level of difficulty is the largest in more than two years. The value rose by 14.95% to 15.78 t. The upward correction will follow in the wake of the third halving in the Bitcoin network on May 11th, 2020, which resulted in several downward corrections.The last time the network experienced such a mining difficulty was in January 2018, when the Bitcoin had reached its all-time high in December 2017.In January 2018, the BTC network difficulty increased by 16.84%. The increase to 15.78 T brings the difficulty close to 16 T, which was only twice the case in 2020: in March and early May in advance of the block reward halving.

 

Increased hash rate

With this week’s adjustment, more miners are returning to the network, resulting in an increase in the hash rate after the decline in the weeks after the halving. As the block rewards were lowered from 12.5 bitcoins to 6.25 bitcoins, some miners stopped working, with the hash rate decreasing along with the difficulty.However, Bitcoin’s hash rate has gradually increased and has risen by around 8% in the past seven days. The 14-day moving average has risen consecutively since the last May 20 and June 4 adjustments.