Bitcoin’s mining difficulty is predicted to further extend over 11% on 19th Sept., which might be the 2nd-largest positive adjustment within this week.
Mining pool BTC.com features a smaller projection of 5.64%; this would indeed lead to the problem to log another all-time high of 18.29 Trillion.
Bitcoin’s mining difficulty and hash rate surge in tandem
The mining difficulty indicates how hard it’s for a computer to process one block that rewards miners with some Bitcoin’s [BTC].
Bitcoin’s mining difficulty adjusts with every 2,016th block. Counting on the speed at which these blocks are mined, this happens roughly once every 15 days.
If blocks are created faster than usual, the difficultly tends to extend further, thus preventing miners from overproducing coins and vice versa.
The metric plunged 15.95% – the 2nd biggest drop within the history of Bitcoin [BTC] – following the historic 12-13 March price crash that forced miners to pack up their equipment.
However, earlier in the month of mid-September last year, the problem is now marching to new lifetime highs in lockstep with the hash rate, another key metric that displays the entire computational power of the Bitcoin network.