Bitcoin mining difficulty increases by 1.29%

According to BTC.com, Bitcoin’s mining difficulty rose 1.29% when it was at the bottom of more than 4% two weeks ago.

The last decline showed the sharpest drop in mining difficulty since last July, when mining companies were forced to close operations in China.

The network’s hash rate has increased by about 2.3% since May 25.

With more than 19 million BTC already mined and in rotation in the market has caused miners to become more and more exhausted with the current difficulty. Mining difficulty refers to the complexity of the mathematical process behind mining, during which miners are repeatedly attempted to find a hash below a set level. Miners that “discover” this hash win the reward for the next transaction block. Mining difficulty adjusts every 2,016 blocks (roughly every two weeks) in sync with the network’s hash rate.

Argo – Crypto Mining Company, said that it mined less than 25% of Bitcoin last May. Part of the reason for this is that the difficulty of exploitation has increased.

Difficulty increased 5.56% on April 27 and 4.89% on May 11.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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