experiencing back-to-back increases Bitcoin (BTC) Again, an increase in mining difficulty was observed.
According to data from BTC .com, bitcoin mining difficulty increased another 3.44%, reaching an all-time high of 36,835 trillion hashes.
In the data announced by BTC .com on October 10, the mining difficulty increased by about 14%, reaching an all-time high of 35.61 trillion hashes as of October 10.
Although the last increase is not as big as the increases seen in other months, increasing BTC mining difficultymakes it even more difficult for miners to compete.
Apart from the difficulty, it seems that the hash rate of Bitcoin has also increased.
According to data from BTC.com, BTC hash rate also reached 260.38 EH/s.
There is no close correlation between BTC price and Bitcoin mining difficulty and hash rate. Increasing network difficulty makes the network more secure and increases competition among miners.
Increasing mining difficulty also means more inconvenience for miners, who must sell more Bitcoins than they actually earn to make up for their declining profits.
What is Bitcoin Mining Difficulty?
Bitcoin difficulty is an automatically adjusted property that determines how difficult it is to mine a Bitcoin block.
The mining difficulty of the Bitcoin network changes every 2,016 blocks and is automatically updated. The reason for this is to keep the average block production time as 10 minutes.
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