Bitcoin Mining Difficulty has Increased for the Third Time

Bitcoin mining difficulty has increased for the third time. The difficulty level increased by 13.24 percent.

Mining difficulty in Bitcoin increased for the 3rd time in a row, with the last adjustment at block 697,536 in the evening. The difficulty level rose 13.24 percent to reach 17.62 trillion. The biggest previous increase in difficulty on the Bitcoin network was recorded on May 13, 2021. That day, the difficulty had increased by 21.53 percent. On the other hand, the mining bans implemented in China in the past months have led to a great decrease in the hash rate, and as a result, the difficulty has decreased significantly. In fact, at the beginning of July, there was the biggest difficulty drop in Bitcoin history with 27.94 percent. The hash rate rose once again as Chinese miners settled in new places in other parts of the world and mining investments increased in countries such as Kazakhstan and the USA. As a natural result of this increase in hash rate, the difficulty has increased over and over. Recent data shows that the hash rate is at the level of 128 exahahas per second. In the midst of Chinese bans, that figure had even fallen below 60 exahash. The mining difficulty is automatically adjusted approximately every two weeks due to the nature of Bitcoin. Difficulty stands out as a factor that significantly affects miners' profit margins.