The difficulty of mining on the Bitcoin network has just undergone a planned adjustment that has resulted in it increasing by 14.95% to 15.78T hashes, according to data provided by BTC.com.
This is the largest increase since January 2018.
Mining difficulty is recalculated every 2016 blocks or approximately once every two weeks. However, in this case, miners have only needed 12 days to mine this amount of blocks. This is due to an increase in hashrate that has caused the average interval between block production to go from the typical 10 minutes to 8-9 minutes. After the two previous adjustments, the complexity of mining dropped by 15.29%, a situation that miners have taken advantage of to increase their activity.
Just before yesterday's adjustment, the average time to mine a block again exceeded 10 minutes, which meant the time needed to confirm a transaction would be extended unless an increase in the Bitcoin price could compensate miners for the fall in profitability.
The difficulty of mining reached an all-time high on March 10, when it reached 16.55T. The subsequent market crash between March 12 and 13 led to a significant drop in hashrate, which in turn caused a 15.95% fall in complexity.
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