Difficulty In Bitcoin Mining Rises To All-Time High
The Difficulty In Bitcoin Mining Rises To All- Time High And Hash Rate Has Doubled Since The End Of 2015
The Bitcoin mining difficulty has set up an all high record which indicates a growth in demand by the enterprises and individuals to mine cyrptocurrency. The hash rate of the total network reaches above 1,874 million GH/s and there is no sign of its decline anytime soon.
The mining of Bitcoin has become complicated than ever before
Over the past seven years, the BTC mining difficulty level has seen many highs and lows. This protocol was designed by the Satoshi Nakamoto in such a way which will adjust the difficulty level automatically which depends on the hash rate of the recent network when a difficulty change designs to go into the effect.
The Bitcoin mining difficulty has the first time risen to this high over the span of seven years. It is fully unexpected due to the fact that the hash rate of the network not gone down by much in the past months. One can say that the last two months have been rather flat until a batch of new miners added.
It is not tough to see why the mining difficulty has been raised by looking the things from a wider perspective. A clear incremental increase of hash rate is shown by the nine-month chart, which pushes the difficult rate to the highest level. If this hash rate continues to grow, the record will get improved in the upcoming weeks.
The Bitcoin network is generating blocks at the same pace despite the growth in the hash rate and mining difficulty. The normal block time is around 10 minutes with the six blocks found in the last 59 minutes. Till now, the Bitcoin mining hash rate has risen up to doubled between the December 31, 2015, and September 25, 2016.