Bitcoin Mining Difficulty Hit New All Time High
Bitcoin mining difficulty hit a new all-time high record this week due to the continuously increasing of the hash rate reported on 9 July 2019.
Also read: What is Cryptocurrency Mining? Is Bitcoin Mining Profitable?
In the block 584,640 new difficulty is adjusted by the value of 9.06 T with an increment of + 14.23 % on 9 July.
Previously, the all-time high record is 7.45 T adjusted in block 544,320 in Oct 2018 that was broken last month by hitting 7.93 T in block 582,624 and now again bitcoin mining difficulty increased this week by making a new all-time high of history.
Bitcoin mining hash algorithm is designed in such a way that it adjusts the bitcoin mining difficulty after every 2,016 blocks which is normally of 2 weeks time with the aim of maintaining the bitcoin block generation time remains 10 minutes.
Simply, when mining hash power increased then the difficulty is also increased to maintain the block generation time 10 minutes and when hash power decreased then the difficulty of mining also decreased means low computational power required as previously to solve the hashing problem.
BTC.com predicted the next difficulty as 9.97 T which is the +10.02% increment from the current value that will be adjusted in the next 10 days.
Also check the technical analysis- Bitcoin Will Hit $20,000 in Next 2 Weeks
