Evening
Bitcoin mining difficulty, a parameter used to define how difficult it is to mine Bitcoin, finally rose by 6% in today's latest fortnightly change.
It is the first positive adjustment after the last four consecutive negative adjustments, since the crypto bull runs led by China's crack down on Bitcoin Mining.
Bitcoin mining difficulty is a measure of how much computer power is required by miners to earn bitcoin by validating transactions on the network. More miners competing for the next block, more the mining difficult. Mining difficult adjusts fortnightly, reflecting the competition among miners.
China's Bitcoin mining crack down resulted in network loosing serious hash power from an all time high of 198 EH/s to as low as 84 EH/s. As a result of reduced mining hash power, came the 4 continuous negative mining difficulty adjustments(16% on May 29, 5.3% on June 13 and 28% on July 3 and 4.8% on July 18).
It seems there is a recovery in progress as network hash rate is recovering steadily. Networks hash rate recovered to 104.6 EH/s on July 20 before drooping a little and is currently at 112.82 EH/s. It is expected that more hash rate will be added to the network gradually as the switched off mining equipment from China will continue getting switched on. This increasing network hashrate has been reflected into today's positive mining difficulty adjustment.
