The mining difficulty tied to the Bitcoin network increased for the first time in 57 days, rising 1.74% higher than the last two weeks.
Meanwhile, Bitcoin’s hashrate has been below average as the network’s computational power is down 1.7% lower in the second quarter than in Q1 2022. After reaching 292 exahash per second on June 8, Bitcoin’s hashrate today is coasting along below the 200 EH/s mark at 182 EH/s.
Bitcoin’s Difficulty Increases, Making It More Difficult to Discover Block Rewards for the Next 2 Weeks Following the three consecutive difficulty adjustment algorithm reductions over the last six weeks, the DAA has for the first time since June 8. On August 4, at block height 747,936, the difficulty increased by 1.74%, bringing the metric up from 27.69 trillion to the current 28.20 trillion.The DAA, or difficulty epoch, changes every 2,016 blocks or roughly every two weeks. The DAA increases when the 2,016 blocks are discovered too fast and the metric decreases when the discovery time is too slow. Satoshi Nakamoto’s design makes it so roughly every ten minutes, a newBitcoin hashrate on August 4, 2022.
Since the 1.74% increase on Thursday, it is now harder to find a bitcoin block than it was during the last two weeks. Prior to the rise, the DAA shifted downwards three times in a row after June 8. Currently, the network’s 28.20 trillion difficulty metric is 9.76% lower than the all-time high in mid-May when it tapped 31.25 million.
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