The network difficulty for the Bitcoin network rose by over 9.8% on Monday, bringing the difficulty to the highest level ever. The record high of 17.35 trillion makes Bitcoin miners much harder to make a profit. However, the overall hash rate of the Bitcoin network remained constant above the zone at 120 exahash per second (EH / s).
On July 13, 2020, Bitcoin (BTC) Network saw the greatest difficulty metric ever when it touched the 17.35 trillion Mark on Monday. Basically, difficulty is the value that measures how difficult it is to find a hash under a target defined by the Bitcoin network.
The network has global block difficulty and validated blocks must have a hash under the specified destination. The lower the level of difficulty, the easier it is to find blocks on it BTC Network, and the higher the difficulty, the more difficult it is to acquire bitcoins through mining. The level of difficulty changes every two weeks depending on the speed of the hashrate or approximately every 2016 blocks.
The 17.35 trillion is the highest ever, which means it's the hardest time to mine bitcoins right now. In addition, it was only recently, on May 11, 2020, that the block reward was halved and miners lost 50% in revenue overnight.
Now the 9.8% increase in difficulty was not as big as the 14.95% jump on June 16, 2020. At that point, however, the difficulty was only 15.78 trillion. The second largest difficulty level occurred three days before the grueling market crisis of March 12, also known as "Black Thursday".
Despite the jump in difficulty to 17.35 trillion in total BTC The global hash rate has remained high above that 120 EH / s range. There are 16 unique mining pools Hashing on the BTC Network and the top mining pool is F2pool.
Operations such as Poolin, Btc.com, Antpool and Huobi follow. F2pool's hash performance is approximately 16% of the network, while Poolin has a touch of over 15%. The last three pools make up about 10% or more of the total BTC global hashrate.
The rise in the hashrate has caused Bitcoiner to discuss the difficulty of mining on social media and crypto forums. Many talk about that Overall security of the BTC network and whether the hash rate will fall or rise from here.
If that's all BTC hashrate continues to rise, then the difficulty will increase again in two weeks. If there is a significant exodus of miners temporarily shutting down machines, the difficulty will decrease after the next 2016 blocks are used up.
What do you think of the Bitcoin network's difficulty in jumping to the highest metric ever? Let us know what you think on the topic in the comments section below.
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