As a result of a new recalculation, the Bitcoin mining difficulty has increased by 4.71% to 19.89 trillion hashes, according to data from BTC.com.
The indicator is recalculated every 2,016 blocks, which typically take about two weeks to mine. The growth continues for the sixth consecutive period.
After reaching an all-time high of 25 billion hashes in May, the difficulty started to ease. This happened against the backdrop of a decline in the hashrate, to which the indicator correlates. The main factor behind this was the crackdown on the mining sector initiated by the Chinese authorities.
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At the end of June, the hashrate of the Bitcoin network dropped to the level of July 2019 due to the disconnection of devices by Chinese miners. The difficulty recorded a record drop of almost 28%.
The indicator returned to growth at the end of July, along with hashrate recovery as miners migrated from China. The Bitcoin network hashrate reached record levels in April and has yet to recover to these values.