Bitcoin Mining Difficulty Cuts the Drop Streak
After a nearly two-month-long drop streak, Bitcoin (BTC) mining just got a bit more difficult.
Bitcoin mining difficulty, or the measure of how hard it is to compete for mining rewards, went up 1.74% today, going from 27.69 T to 28.17 T.
The rise follows three consecutive drops, a streak that began in the second half of June, the last of which turned out to be the largest drop in a year.
Meanwhile, hashrate, or the computational power of the network, has seen an increase in the past two weeks. Since the previous adjustment, the 7-day moving average hashrate went up by 2.75%, per BitInfoCharts.com data.
Bitcoin mining profitability increased as well, rising 9.2% over the same period.
Notably, despite the recent general improvement in the crypto markets, over the past 14 days, the price of BTC fell by almost 2%. At 13:22 UTC, the coin was trading at USD 22,917, down almost 2% in a day, unchanged in a week, and up 13% in a month.
Meanwhile, according to ByteTree data, miners have continued spending more of their newly generated BTC, compared to what they’ve held.