Bitcoin mining difficulty, which experienced the biggest drop in history, with the big bans imposed on crypto currency miners by China in May, started to recover from July. At 03:05 CET yesterday, the difficulty adjustment was updated at block 699 thousand 551 and Difficulty increased by 4.5%.
Difficulty, as it is known, refers to the measure (relatively) of the amount of resources required to mine Bitcoin. This metric rises or falls at certain times based on the energy consumed by the network (or the hash rate generated). The Bitcoin protocol is also built around adjusting each difficulty level every 2,166 blocks (approximately 2 weeks) so that blocks can be mined at a stable rate.
Mining difficulty has become more costly in recent years, as there is more competition among miners to find new blocks, and with the development of computing power devices day by day. However, especially with the bull season this year increasing the price of Bitcoin, miners made a significant profit.
As it will be remembered, hash rates and difficulty adjustment, which fell seriously as a result of China’s pressure, were back on track in July. In the bear season in the summer of 2019, the hash price, which measures mining revenues in terms of fiat currency, has almost hit the bottom. With the miners shuttered due to China’s bans lowering the difficulty, other miners continuing their operations further increased their profits.
After the miners who migrated from China re-established their systems in countries such as the North American region, Russia and Kazakhstan, the mining difficulty began to return to its former level.
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