Despite a significant price correction, the difficulty of Bitcoin mining is growing rapidly. But the current difficulty is still far from the May 2021 record.
More and more miners are joining the work after the forced downtime associated with the transportation of equipment from unfriendly China to the USA, Kazakhstan and other countries. Against the background of the recovery of capacities, the complexity of mining cryptocurrency is also growing.
On the Bitcoin network September 21, 2021
happened another adjustment of the mining difficulty with an increase of 3.2%. This is the fifth consecutive “plus” recalculation of the difficulty since mid-July. As a result, the difficulty increased by 31% during this period.
The rise in Bitcoin mining difficulty was preceded by a series of four drops in cryptocurrency difficulty. The first drop in the difficulty of mining bitcoin by 16% was recorded at the end of May. The reason was the concern in the community caused by the persecution of cryptocurrencies in China and the ESG (Environmental and Social Responsibility for Governance) applied to Bitcoin. The hash rate began to fall from mid-May 2021 and continued against the backdrop of a statement by the PRC government about a possible mining ban in the country.
Despite five increases in mining difficulty in a row, its current level (18997641161759) is still 25% below the maximum (25046487590083) recorded in May 2021.
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