Bitcoin mining difficulty rises by 0.63%

Quick Take

  • Bitcoin mining difficulty went up by 0.63% on Thursday.
  • The network’s hash rate rose by about 1.5% since the last update.

The bitcoin mining difficulty rose by 0.63% in the network's latest adjustment.

The change was reflected in an update posted on Thursday by The network's hash rate has also gone up by about 1.5% since August 4, the date of the last update, according to data compiled by The Block Research.

Mining difficulty refers to the complexity of the mathematical process behind mining, during which miners are repeatedly trying to find a hash below a set level. Miners that "discover" this hash win the reward for the next transaction block. It adjusts every 2,016 blocks (roughly every two weeks) in sync with the network's hash rate.

Bitcoin's difficulty has largely declined since the crypto market crashed in May. The latest slight increase follows a rise of 1.74 percent on August 4.

Zack Voell, an analyst at mining firm Braiins, told The Block that we will probably see slight positive adjustments through the rest of the summer as miners deploy more machines. "But large increases in hash rate and difficulty are unlikely until the market significantly recovers," he said.

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