Mining difficulty on the Bitcoin network has taken its steepest upturn in almost a year, surging by over 14% to hit 9.06 trillion.
Mining difficulty on the Bitcoin (BTC) network has taken its steepest upturn in almost a year, data from major Chinese mining pool BTC.com reveals.
On July 9, difficulty surged by over 14% to hit 9.06 trillion (9.06 T), at an average hash rate of 64.85 EH/s -mdash; a new all-time-high in the network-rsquo;s history.
The last time the network posted such a sharp increase in block producing difficulty was back in late July 2018, when it soared almost 15% over a 2,016 block interval.-
At that time, however, average hash rate was at 42.59 EH/s and absolute difficulty was at a significantly lower 5.95 T.
As previously reported, Bitcoin-rsquo;s hashing difficulty algorithm is designed to adjust every 2,016 blocks -mdash; roughly two weeks -mdash; to maintain a consistent ~10-minute block verification time.-
Typically, when the network sees a low level of participating mining power, difficulty will tumble -mdash; while in periods of intense network participation, it rises, working as a counterbalancing mechanism.
Amid the bull market, BTC.com-rsquo;s data indicates that the next difficulty increase will see this uptrend intensifying even further -mdash; within 11 days, mining difficulty is expected to surge a further 10% to hit 9.9 T.
Block producing time for the recent 2,106 block period was at just 8 minutes 46 seconds -mdash; over 10% short of the desired 10 minutes.
All time Bitcoin network mining difficulty. Source: BTC.com
Historical data from BTC.com reveals that in the coin-rsquo;s earlier years, the network saw hikes of over 20% within a given 2,016 block interval -mdash; as in early July 2016. Back then, it is worth noting that absolute difficulty was at just 144.12 G, with an average hash rate of 1.03 EH/s.
Go back still further to fall 2010, and the budding network was subject to hikes of almost 56% -mdash; but with an absolute difficulty of 2,149 - 2.15 K and a 15.37 GH/s average hash rate.
During crypto winter, Cointelegraph reported that the Bitcoin network had reported its second-largest difficulty drop in history, with a -15% adjustment in early December 2018.
In June of this year -mdash; as Bitcoin-rsquo;s 2019 bull run gathered pace -mdash; mining difficulty hit a then all-time-high of 7.86 T, as reported at the time.
To press time, Bitcoin is trading at almost $11,700 -mdash; up 2% on the day, according to Cointelegraph-rsquo;s Bitcoin Price Index.