Mining difficulty on the Bitcoin (BTC) network has taken its steepest upturn in almost a year, data from major Chinese mining pool BTC.com reveals.
On July 9, difficulty surged by over 14% to hit 9.06 trillion (9.06 T), at an average hash rate of 64.85 EH/s — a new all-time-high in the network’s history.
The last time the network posted such a sharp increase in block producing difficulty was back in late July 2018, when it soared almost 15% over a 2,016 block interval.
At that time, however, average hash rate was at 42.59 EH/s and absolute difficulty was at a significantly lower 5.95 T.
As previously reported, Bitcoin’s hashing difficulty algorithm is designed to adjust every 2,016 blocks — roughly two weeks — to maintain a consistent ~10-minute block verification time.
Typically, when the network sees a low level of participating mining power, difficulty will tumble — while in periods of intense network participation, it rises, working as a counterbalancing mechanism.
Amid the bull market, BTC.com’s data indicates that the next difficulty increase will see this uptrend intensifying even further — within 11 days, mining difficulty is expected to surge a further 10% to hit 9.9 T.
Block producing time for the recent 2,016 block period was at just 8 minutes 46 seconds — over 10% short of the desired 10 minutes.