The difficulty level of Bitcoin network mining has increased by 8.16%. Can we still mine happily?

Due to the rapid expansion of cryptocurrency mining equipment around the world, the mining difficulty of the Bitcoin network increased by 8.16% the day before yesterday.

Due to the shortened block generation time, the mining difficulty level of the Bitcoin network increased by 8.16% the day before yesterday.

The Bitcoin network is the largest of all cryptocurrencies. Based on the consensus algorithm of Proof of Work (Pow), the processing capacity involved in mining in the Bitcoin network is huge, which is equivalent to a bunch of supercomputers. And as more professional mining equipment joins, the total computing power of the Bitcoin network is still increasing.

Every member of the mining community wants to get more benefits, which increases the competitiveness of the market. Logically, with the use of high-performance equipment, it should be easier to solve cryptocurrency puzzles and discover new blocks. But Bitcoin developers saw this problem a long time ago. In order to prevent miners from using powerful equipment to mine and ensure an uninterrupted supply of Bitcoin, mining difficulty regulation was added to the system.

The Bitcoin mining difficulty level is adjusted every 2016 blocks. The difficulty adjustment will depend on the performance of the network, taking into account the availability of hashing power and the average time to find a new block. If the rate of new blocks being produced exceeds 6 blocks/hour, the mining difficulty will increase, and similarly if the time to find a block is longer than 10 minutes, the mining difficulty will decrease to ensure a constant production rate of blocks.

The promising trend of Bitcoin price in recent months has led many users to participate in mining, which has expanded the performance of Bitcoin computing power. The increase in Bitcoin network hashing power is reflected in the history of mining difficulty. After the mining difficulty increased by 10.68% and 1.76% on November 18 and December 2, respectively, the difficulty has recently increased by 8.16%.

The most recent Bitcoin network mining difficulty level is 310,153,855,703, which corresponds to a total hash rate of 2,220,167,778 GH/s. If the recent rapid developments in the cryptocurrency mining sector are anything to go by, then the mining difficulty will continue to increase.