As expected, Bitcoin’s mining difficulty increased this week jumping 6.03% higher on July 31. The change marks the first increase out of five difficulty adjustment changes. This was after four downward difficulty drops made it 54% easier to mine bitcoin than it was prior to mid-May.
Bitcoin’s Mining Difficulty Increases 6%, Difficulty Is Expected to Increase Again in 11 Days
On July 31, at block height 693,504, the Bitcoin blockchain’s difficulty adjusts itself depending on how much hashpower is dedicated to the network. The more hashrate dedicated to the BTC chain, the higher the difficulty will rise every two weeks. On the other hand, if a great number of miners go offline and dedicated hashrate drops, the difficulty will drop making it easier for mining participants to find BTC blocks.