After last night’s update to the Bitcoin blockchain, mining is about 50% harder than it was in July.
The update to block 705,600 has increased the difficulty level for the first time in nearly four months. over 20 trillion carried it.
The difficulty level, which varies every 2,016 blocks according to the total hash rate on the blockchain, reflects how much resources are required to produce bitcoin.
The difficulty level was set on June 13, 2021 for the first time since December 2020, after miners in China ceased operations. below 20 trillion down, in the following weeks up to 13.6 trillion had regressed.
Hash rate falling from about 150 EH/s to less than 100 EH/s within a month’s time period in that period, one after another for seven weeks rises and approaches 150 EH/s again.
Data updated by the Cambridge Center for Alternative Finance revealed that the market share in the mining sector, which belonged to China until a few months ago, has begun to disperse to other countries.
As of August 2021, 35.4% of the total hash rate in the Bitcoin network is hosted by the USA, 18.1% by Kazakhstan and 11.2% by Russia.