Bitcoin

Bitcoin Mining Difficulty Has Risen By 3.4%

Bitcoin’s mining difficulty rose roughly 3.4% last week.

Bitcoin Mining Difficulty Has Risen By 3.4% 4

The rise was minor compared to the 13% increase earlier this month.

For every 2016 blocks, the mining difficulty is automatically adjusted, which happens around every two weeks. The challenge is ensuring that transactions proceed at a consistent rate regardless of how high or low the network hash rate is at any particular time.

This month, the Bitcoin mining hash rate reached an all-time high of 266 EH/s. As of Sunday, the network hash rate was around 261.35 EH/s.

BTC Mining Difficulty on 23/10/2022

According to Coin Metrics data, miners have generated roughly $420 million in revenue thus far this month.

At the time of writing, BTC is trading at $19,367.

BTC daily chart. Source: CoinCu

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.