Bitcoin mining difficulty increased by 70% in a year
The complexity of bitcoin mining increased by 70% over the year
Another recalculation resulted in a 7.56% increase, setting a new historical record at 46.84T
The complexity of bitcoin mining has increased by 70% over the year. According to BTC.com, as of March 24, 2022, the difficulty of mining BTC was 27.42T. Another recalculation on March 24 this year brought the figure to a new all-time high of 46.84 T.
The previous record was set on March 11, when the complexity reached 43.55T. At that time, the next increase of 4.29% (to 45.42 T) was predicted, but the increase exceeded expectations, the complexity increased by 7.56%.
Bitcoin mining complexity changes every 2016 blocks, or about once every two weeks. It increases as computing power increases. This is necessary to keep the average block time to about 10 minutes. The next change in mining complexity will occur around April 6; the figure is predicted to drop by 0.02%, to 46.83 T.
The average bitcoin hashrate (the total processing power of the equipment mining the cryptocurrency) at the current complexity is expected to be 335.23EH/s, which is also the maximum value. The previous high of the average hash rate was recorded at 311.68 EH/s on March 11.
The increase in the difficulty of mining and the hash rate of the bitcoin network indicates that more and more miners are joining the mining of the first cryptocurrency. This comes amid rising cryptocurrency rates since the beginning of this year. On January 1, 2023, the mining complexity was at 35.36T. Since then, it has increased by 32%. The bitcoin rate has risen 72% in that time, from $16,500 to $28,400.
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