As the Bitcoin network's hashrate continues to recover as global miners accumulate more capacity, the difficulty of mining the cryptocurrency is becoming increasingly difficult. , according to data from blockchain explorer BTC.com. The latest adjustment marks the fifth consecutive increase in Bitcoin (BTC) mining difficulty since mid-July, with the difficulty rate increasing more than 31% from around 13.7 trillion, the lowest difficulty level since June 2020. .
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The new positive adjustments come on the heels of a set of four consecutive difficulty drops that began with a near 16% decline in late May amid environmental, social, and corporate governance concerns around Bitcoin as well as China's crackdown on cryptocurrency mining. The current Bitcoin mining difficulty rate is still far from its all-time high of over 25 trillion, which was recorded in May 2021.
Bitcoin mining difficulty is a metric designed to reflect how hard it is to mine a block of bitcoin, as a higher difficulty level requires more computing power to verify transactions and mine new coins. The difficulty adjustment occurs every 2016 blocks, or roughly every two weeks, as Bitcoin is programmed to self-adjust in order to maintain its target block time of 10 minutes.
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