Mining difficulty, or the measure of how hard it is to compete for mining rewards, is set to jump by 12%, to 19.49 T, according to estimations by BTC mining pool BTC.com. The network’s computational power is now up by more than 20% since the beginning of August. Bitcoin (BTC) mining difficulty is estimated to hit another all-time high on today and reduce mining profitability.
This would be the second-largest increase in more than a year after the measure dropped by 1.2% during the previous adjustment less than two weeks ago.
The difficulty would be up by 21%, compared to the third Bitcoin halving in May when the BTC block subsidy was cut in half to BTC 6.25 per block. However, the BTC price jumped by around 28% in the same period.
Bitcoin’s mining difficulty is adjusted every two weeks (or more precisely, every 2016 blocks) to maintain the average 10-minute block time. As claimed to Bitinfocharts.com, it has been moving between 8 and 10.5 minutes since the previous adjustment. Holding below 8 minutes today has kept rising recently as the hashrate or the network’s computational power has kept growing.
Meantime, miners saved more BTC than they generated in the past week.
During the time of this writing (13:37 UTC), BTC trades at USD 10,992 and is up by 2% in a day and almost 7% in a week, trimming its monthly losses to less than 7.5%. The price is up by 11% in a year.