First Cryptocurrency Records Seventh Positive Difficulty Adjustment In A Row
The nodes of the first cryptocurrency went through trivial positive adjustment of mining difficulty. How much has he added since the exodus of Chinese minors?
Bitcoin difficulty surges again, surpasses 20T level
According to data from Bitcoin network explorers, on Oct. 18, 2021, at 11:25 p.m. UTC, the crypto king registered another positive adjustment of its mining difficulty.
While this was the most trivial positive adjustment since August 2020 (Bitcoin’s crucial metric added 0.95%), it continued an impressive streak of seven consecutive positive adjustments.
Thus, Bitcoin’s (BTC) network difficulty is back above 20T for the first time in five months.
A series of seven positive adjustments is very rare: the last one began at the start of the third quarter of 2019, when the Bitcoin markets began to recover from Crypto Winter.
Miners shrugged off Chinese crackdown
Bitcoin (BTC) mining difficulty is automatically adjusted every 2016 blocks (roughly once every two weeks) to keep the block mining time stable at about 10 minutes.
So when the number of active miners is too high, the difficulty increases, and when the miners shut down their equipment, the difficulty of the Bitcoin (BTC) network is reduced.
For instance, in Q2-Q3, 2021, when the majority of Chinese miners moved their rigs outside the country, Bitcoin (BTC) difficulty lost almost 50% in less than two months.
However, after seven positive adjustments, it looks like Bitcoin mining (BTC) has completely recovered from this huge drop-down list.
