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The mining difficulties in the Bitcoin network have managed to hit an over 9% increase, bringing it to the highest difficulty level since last year and setting a new all-time high rate.
In a report by BTC.com, which keeps a tab on mining difficulty events, they report that the recent mining difficulty has risen by 9.32%. This rise is the second so far in 2022, after that of January 8 at 0.41%.
Why Difficulty?
By design, the bitcoin network mining difficulty level adjustment comes after every 2016 block approximately every two weeks. The network difficulty is an estimation of how difficult it is for a bitcoin block to be mined, or in more specific terminologies, how difficult it is to find a hash beneath a particular target.
A high network mining difficulty means that it requires a lot more computing power to mine the same number of blocks that would otherwise have been mined with less computing power. This thus makes the mining network secure against cyber-attacks.
The network difficulties also stabilize an average block time of 10 minutes between each block, although, in operation, every block time varies.
Apart from the 1.49% downturn in November, the bitcoin mining difficulty has had consistent growth since China’s crackdown on mining last summer, which dipped the difficulty in mining on the largest scale yet. This forced bitcoin miners in China to close down their stations and subsequently relocate to places like Kazakhstan and the US.
Reports have it that the bitcoin mining hash rate had a full recovery since last August, and the US is the leading mining location currently. Some analysis from The Block Research has it that the overall bitcoin hash rate has been up by almost 18EH/s since last December. Foundry USA, a subsidiary of the Digital Currency Group, has an increased hash rate of 5EH/s. This has turned out to be the fastest growth rate among top mining pools in the world.
It Was Worse
In July last year, the mining difficulty of the bitcoin network dipped by 27.9% as the network was adjusting to a massive drop in hash rates at that time. It was the biggest decrease in mining difficulty since the network began operation in 2009. In the July 2021 case, the bitcoin hash rate had been volatile for weeks since the previous adjustment in June, when the 7-day average hash rate had dropped from 136.47 EH/s to 85 EH/s. Down by 35%.
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