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Bitcoin Mining Difficulty Surges as Hashrate Also Rebounds
Bitcoin miners, especially those with low-power mining equipment, would not be impressed by the recent rise in mining difficulty. This follows after Thursday’s data from TheBlock revealed that there has been a 1.5% increase in Bitcoin mining activity to a record 84.4 trillion.
Bitcoin Mining Difficulty Hits New Levels amid Market Optimism
Mining difficulty is a metric that measures how hard mining a new block can be as opposed to the easiest it can ever be. When the number of miners increases, Bitcoin mining difficulty usually climbs as there is more competition to find new blocks. On the other hand, if miners reduce, difficulty also follows suit, meaning that miners can then discover new blocks more easily.
The latest rise in mining difficulty, however, follows a notable rise in the network’s seven-day moving average hash rate, which just climbed back above 600 exahashes per second (EH/s).
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