What happened?New data confirms the difficulty in Bitcoin(CRYPTO : BTC) Mining is on the rise. Data from BTC.com On Saturday, the difficulty of mining cryptocurrency increased by 6%. According to a report by, it’s the first time that Bitcoin miners have experienced difficulty since May when the digital currency crashed. Decrypt.
Why it is important:Since its record-breaking peak in May, the difficulty rate has fallen to a new low. After a crackdown against miners from China, the difficulty level dropped further in June and July. This was due to them selling their mining machines or leaving the country. Chinese miners accounted for 65% of Bitcoin’s hash rate.
When the rate dropped by 28%, July 3 was the most significant drop in mining difficulty. The July 18th drop was followed by another drop in mining difficulty of 4.81%.
Next:Today’s increasing difficulty indicates that more mining machines have returned online. As more people try to get Bitcoin, the difficulty level increases. This is because transactions on the network require computer power. BTC’s price is now at $41800, up from $28600 as of June 22.