Mining difficulty on the main Bitcoin network has just taken one of steepest upturn in nearly a year. This is according to data released by BTC.com, one of the leading Chinese cryptocurrency mining pools.
Difficulty Surging On
On the 9th of July 2019, the Bitcoin mining difficulty increased by more than 14% to attain a high price of 9.06 trillion. This also came with an average hash rate of nearly 64.85 EH/s, which was the new all time high that the network has ever recorded in its entire history. It can be remembered that the last time such as very sharp soar was posted for the block-producing difficulty was in 2018 July. During this particular time, the difficulty moved up by more than 15% over a black interval of 2,016. However, the average hash rate at that time was recorded at 42.59 EH per second. On the other hand, the absolute difficulty was significantly lower than 5.95 T.
How The Hashing Difficulty Operates
The hashing difficulty algorithm for Bitcoin has been created to adjust a total of each 2,016 mining blocks. This is done for approximately two weeks to be able to maintain a consistent ten-minute block verification time. The difficulty will tumble each time the network senses a low level of participating mining power. It will, however, rise while in times of intense network participation. Each time it rises, it operates as a counterbalancing mechanism.
The Intensifying Uptrend
Even as the bull market continues, data from BTC.com shows that this uptrend is supposed to go further with the upcoming difficulty increase. Just within a period of eleven days, the mining difficulty of this top rated crypto coin is supposed to rise a further 10%. When that happens, it will hit a high price of 9.9 trillion. There are some interesting facts that were recorded for the latest 2,016-block period. Its block producing time was only at eight minutes, and 46 seconds. This was just short of the required ten minutes by 10%.
Previous BTC Mining Results
In the earlier years of Bitcoin mining, the network reported some historical hikes that have been growing just with time. With a particular 2,016-block interval, for instance, there were hikes of more than 20% reported in the beginning of July 2016. It is also very important to note that the absolute difficulty back then was just at 144.12 G, and an average hash rate of about 1.03 EH/s. going back a bit to about eight years ago, and things were not the same. In 2010, the network was fond of reporting hikes of nearly 56%, even though with an absolute difficulty of 15.37 GH/s, -2.15 K, and 2,149, with 1.03 EH/s as an average hash rate. As the cryptocurrency winter period was underway, it was reported that the BTC network had witnessed the second largest difficulty drop in the whole history. But by the beginning of 2018 December, a 15% adjustment was recorded. As the BTC’s 2019 bull just gathered momentum in this year’s June, mining difficulty for this coin recorded a high price of 7.86 trillion. This was its all-time high ever.