Bitcoin mining becomes 6% more difficult in first positive adjustment since May

Bitcoin’s complexity is an indication of how difficult it is to get the cryptocurrency out, with data showing it has risen 6% in the past two weeks today. BTC.com.

This is the first positive adjustment since the crypto crash that began in May. The crash, accelerated by rules to combat bitcoin mining from China, has led to four consecutive levels of difficulty.

The complexity of Bitcoin mining measures how much processing power is required to receive bitcoin from verification of transactions on the network.

The network decodes complexity every two weeks to reflect competition among miners. The more miners try to earn bitcoin, the more difficult bitcoin mining becomes.

Difficulty peaked in mid-May, with the two-week adjustment increasing the difficulty level by 21.53%, which reached an all-time high. But since then, Bitcoin’s challenges have gone through a downward spiral.

July June and July, when Chinese miners estimated to account for 65% of the network’s combined output migrated en masse or sold mining machines to foreign farms, eased after China launched a campaign to limit bitcoin production in the country.

Bitcoin mining captures biggest drop in complexity in history-that’s what miners say
On July 3, Bitcoin recorded its biggest difficulty drop when it fell 28% on July 3. At the time of the next adjustment on July 18, the complexity of bitcoin mining decreased by 4.81%.

Ben Gagnon, Mining Manager at Toronto-based Bitfarms, told decoding that the data in the chain gave almost all of the Chinese hashraites.

Today’s positive setting indicates that some of these machines have recently entered service.

Work, By The Way, Read More Dec.

Join the Discussion

  • BrokerEUR/USD
    Core Spreads 0.6pips (variable) margin: 3.33%
    LCG 0.3pips (variable) margin: 3.33%
  • Back to top