On Thursday, Bitcoin mining difficulty increased by 0.63%. Since the last update, the network’s hashrate increased by approximately 1.5%.
BTC.com posted an update on Thursday to reflect the change. According to data from The Block Research, the network’s hashrate has increased by approximately 1.5% since August 4, when the last update was posted.
Mining difficulty refers the complexity of mining. Miners repeatedly try to find a lower level hash. The reward for the next transaction block is given to miners who “discover” the hash. It adjusts in accordance with the network’s haveh rate every 2,016 blocks (roughly every 2 weeks).
Since the crash of the crypto market in May, Bitcoin’s difficulty has been steadily declining. This latest increase comes after a 1.74 percent rise on August 4.
Zack Voell, an analyst from mining firm Braiins , told The Block there will likely be slight adjustments throughout the summer as miners install more machines. He said that large increases in difficulty and hash rate are unlikely until the market recovers.