Leading cryptocurrency Bitcoin (BTC), On the night of January 21, it experienced a very sharp fall. BTC price If it went down to $ 38,000, it may have caused investors to ignore a very important record. Bitcoin’s network difficulty also experienced a serious increase in the same period.
BTC Network Challenge Sets New Record
Bitcoin’s network difficulty, It experienced the biggest jump since last summer and rose 9%. According to the information quoted by BTC.com, the difficulty increased by 9.32%. Today’s rise was the result of the second development in 2022. Earlier on January 8, there was an increase of 0.41%, and even this shows how big the difference is.
The mining difficulty of the Bitcoin network changes every 2,016 blocks and is automatically updated. The reason for this is known as keeping the average block production time at 10 minutes. As the hashrate rises or falls, the block generation time will change, so the network difficulty is adjusted accordingly and the balance is achieved.
Except for the exceptional 1.49% drop on November 28, the network difficulty has actually been increasing steadily since last summer. The bans imposed by China on the mining sector were the main reason for this, and a steady rise was observed after the sharp decline.
An increase in network difficulty actually means an increase in hashrate, that is, the number of miners. The fact that the network was restored in such a short time after China’s bans is definitely seen as a big improvement.