Bitcoin mining difficulty rises by 9%

The network’s average hashrate increased to 221,60 EH/s

31.08.2022 - 08:15

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What’s new? After recalculating on August 31, the Bitcoin network’s mining difficulty increased by 9,26%, to 30,98 T. This figure shows positive dynamics for the third consecutive time. Also, according to BTC.com, the network’s average hashrate rose to 221,60 EH/s. As of 08:30 UTC, bitcoin is trading at $20 167, down by 1,31% 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. Also, according to blockchain.com, as of August 30, the average transaction fee on the Bitcoin network was $0,92.

Arcane Research analyst Jaran Mellerud put together several scenarios for the growth of Bitcoin's network energy consumption by 2040. According to his optimistic scenario, the BTC rate will rise to the $2 million mark by that time. In this case, mining will consume 894 TWh per year, which is 10 times more than at present.

Bitcoin mining company Argo Blockchain adjusted its end-of-the-year hashrate growth estimate. The miner lowered this figure by 41,8% to 3,5 EH/s. Previously, the company planned to reach 5,5 EH/s due to new equipment that uses Intel’s Blockscale chips.

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