According to BTC.com data, bitcoin miners saw another mining difficulty adjustment on Tuesday, with a 4.71 percent increase.
According to the data, the mining difficulty level is now at 19.89 trillion at block height 703,584, the most difficult level since a previous adjustment on June 14.
The latest increase comes after five consecutive increases and four consecutive declines since May, when China tightened its grip on the sector.
The difficulty of Bitcoin mining is a measure of how hard a miner would have to work to verify transactions on the block, or “dig out” Bitcoins. Every 2,016 blocks, the difficulty level is adjusted, which usually takes about two weeks.
Such changes in mining difficulty are highly correlated with changes in mining hashrate, which refers to the amount of computing power required to mine. The more difficult it is to mine Bitcoin, the less profitable it becomes for miners. When the hashrate rises, the mining difficulty usually rises with it. However, the expected increase in mining difficulty may be primarily due to a recovering hashrate.
According to Blockchain.com data, the total Bitcoin hashrate has been steadily recovering since July 3. According to the data, the total hashrate has been falling since mid-May, falling from 180.67 million terahashes per second — an all-time high — to 84.79 million on July 3, the lowest since September 2019.
The hashrate reading on Tuesday was 146.66 million TH/s.