Bitcoin mining difficulty rises by 1,7% for the first time in two months

Now, this figure is 27,17 T and the average hashrate of the network is 197,16 EH/s

05.08.2022 - 09:45

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What’s new? After the last recalculation on August 4, bitcoin’s mining difficulty raised by 1,74%, to 28,17 T. For the first time since June, this figure showed a positive trend. Also, according to BTC.com, the network’s average hashrate rose to 197,16 EH/s. As of August 5, 08:50 UTC, BTC is trading at $23 104, having gained 1,3% per day, according to Binance.

BTC.com’s data

Hashrate is the total computational power in the bitcoin network. The mining difficulty determines the amount of computing power it takes to find a new block in the blockchain. The parameter changes every 2016 blocks, or about once every two weeks. This ensures that the time it takes to find a block is around 10 minutes.

Situation in the field of mining. In July, Ethereum again overtook bitcoin in terms of mining profitability. The monthly revenues of cryptocurrency miners were $596,33 million and $574,89 million, respectively. In July, bitcoin miners’ revenues fell by 13% compared to June’s figures.

Total BTC mining revenue over the past year also fell by 40% from July 2021, when about $971,83 million in revenue was recorded. However, the total balance of bitcoin miners reached a 4-year high on July 29. A total of 1 845 303 BTC were held in their reserves, representing 9,6% of the first cryptocurrency’s current issue.

According to the Bitcoin Mining Council’s report for the second quarter, mining energy consumption increased by 63% over the year. Hashrate increased by 137% over the same period. BMC also found that cryptocurrency mining consumes 0,15% of the world’s electricity.

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