BTC digging difficulty set to see biggest increase in over 2 months

Bitcoin ‘shashrate has been steadily rising after falling to 69 exahash per second (EH/s) on June 28. On Tuesday morning, that metric recorded a peak at 117 EH/s. The increase in hash rate is

likely to lead to the largest increase in difficulty in 89 days. It is estimated that the difficulty will increase by 7.39% in two days. Sponsored Sponsored

Difficulty will increase by 7%

In just over two days, the difficulty of mining Bitcoin is expected to increase by more than 7.3%. This is all due to the rising overall hashrate of the cryptocurrency. Since June 28, Bitcoin’s hashrate has jumped 69.56% and is climbing all the time in correlation with market prices.

On July 15, Bitcoin’s hashrate peaked at 130 EH/s, staying just below that zone for the past 25 days. Once in a while, it even tried to exceed this value. Bitcoin’s difficulty in mining makes it harder for miners to find blocks and it rose more than 6% during the last correction. However, the biggest increase since then occurred on May 13, 2021. On that day, the difficulty increased by 21.53%.

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next change in difficulty is estimated to be around 7.39% and could increase even more if hashrate continues to increase. This means that over the past month, the difficulty will have increased by nearly 13.39%. At the time of this writing, the difficulty of BTC mining is around 14.50 trillion, and it is expected to be around 15.57 trillion after the next difficulty change.

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Other than the May 13 change, the difficulty adjustment

will be the highest change since January 9, 2021. While the difficulty makes it harder to find BTC blocks, it can go up and down depending on how much hashrate is dedicated to the network.

Antpool still in first place

Antpool is still the biggest BTC miner, garnering 17.71% of the total hashrate. Poolin has more than 20 EH/s dedicated to blockchain Bitcoin (BTC), closely followed by Poolin with 15.12 EH/s. Poolin has over 13% network share, while the third position belongs to Viabtc.

11.46% of Viabtc’s network share comes from the power of 12.9 EH/s that Poolin uses in the chain. The fourth position belongs to F2pool

(10.83%), while the fifth largest miner is Foundry USA (9.79%).

As of August 10, 2021, there are approximately 1,006 days left until the next halving of the block reward, and it is likely that until then, miners will try to mine BTC with as much power as they can. When the halving occurs, the current reward of 6.25 BTC per block will shrink to 3,125 coins.

Considering the speed

hashrate volume, about 144 blocks are found each day, and BTC’s annual inflation rate is only 1.76%. At the time of this writing, the next difficulty adjustment will only occur in 386 BTC blocks, and at the current rate of network growth and market prices, it appears that miners are in for a series of further difficulty increases.

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