Mining difficulty on the Bitcoin network has taken its steepest upturn in almost a year, data from major Chinese mining pool BTC.com reveals.
On July 9, difficulty surged by over 14% to hit 9.06 trillion, at an average hash rate of 64.85 EH/s - a new all-time-high in the network's history.
The last time the network posted such a sharp increase in block producing difficulty was back in late July 2018, when it soared almost 15% over a 2,016 block interval.
At that time average hash rate was at 42.59 EH/s and absolute difficulty was at a significantly lower 5.95 T. As previously reported, Bitcoin's hashing difficulty algorithm is designed to adjust every 2,016 blocks - roughly two weeks - to maintain a consistent ~10-minute block verification time.
Typically, when the network sees a low level of participating mining power, difficulty will tumble - while in periods of intense network participation, it rises, working as a counterbalancing mechanism.
Amid the bull market, BTC.com's data indicates that the next difficulty increase will see this uptrend intensifying even further - within 11 days, mining difficulty is expected to surge a further 10% to hit 9.9 T. Block producing time for the recent 2,106 block period was at just 8 minutes 46 seconds - over 10% short of the desired 10 minutes.
It is worth noting that absolute difficulty was at just 144.12 G, with an average hash rate of 1.03 EH/s.
Go back still further to fall 2010, and the budding network was subject to hikes of almost 56% - but with an absolute difficulty of 2,149 - 2.15 K and a 15.37 GH/s average hash rate.
During crypto winter, Cointelegraph reported that the Bitcoin network had reported its second-largest difficulty drop in history, with a -15% adjustment in early December 2018.
In June of this year - as Bitcoin's 2019 bull run gathered pace - mining difficulty hit a then all-time-high of 7.86 T, as reported at the time.
Bitcoin Mining Industry is Booming as Difficulty Soars 14% to New High
gepubliceerd op Jul 12, 2019
by Cointele | gepubliceerd op Coinage
Vermeld in dit artikel
Nouriel Roubini accuses BitMEX CEO Arthur Hayes of 'systematic illegal activities' in latest op-ed
Following a heated debate at the Asia Blockchain Summit, Dr. Nouriel Roubini ramped up his campaign against BitMEX and its CEO, Arthur Hayes.
Bitcoin's allies in Congress, House Committee lauds cryptocurrency while denouncing Libra
As Marcus previously emphasized in front of the Senate, if the government does not act, then unregulated systems like Bitcoin, or the cryptocurrency China is exploring, could jeopardize the financial stability of the U.S. financial system.
Chinese court upholds legality of Bitcoin ownership, BTC protected by China's property laws
A court in Hangzhou, China, upheld Bitcoin's status as "Virtual property." The ruling reaffirms that Bitcoin is legal to own in China and indicates to holders that they will be protected by the country's legal system in disputes.
Altcoins Back on the Rise With Litecoin Leading the Charge
LTC is up 13 percent over a 24-hour period and is currently changing hands just above the $100 resistance at $100.72.