Bitcoin Mining Industry Is Booming as Difficulty Soars 14% to New High

Share on linkedin
Share on telegram

Mining difficulty on the Bitcoin (BTC) network has taken its steepest upturn in almost a year, data from major Chinese mining pool reveals.

On July 9, difficulty surged by over 14% to hit 9.06 trillion (9.06 T), at an average hash rate of 64.85 EH/s — a new all-time-high in the network’s history.

The last time the network posted such a sharp increase in block producing difficulty was back in late July 2018, when it soared almost 15% over a 2,016 block interval.

At that time, however, average hash rate was at 42.59 EH/s and absolute difficulty was at a significantly lower 5.95 T.

As previously reported, Bitcoin’s hashing difficulty algorithm is designed to adjust every 2,016 blocks — roughly two weeks — to maintain a consistent ~10-minute block verification time.

Typically, when the network sees a low level of participating mining power, difficulty will tumble — while in periods of intense network participation, it rises, working as a counterbalancing mechanism.

Amid the bull market,’s data indicates that the next difficulty increase will see this uptrend intensifying even further — within 11 days, mining difficulty is expected to surge a further 10% to hit 9.9 T.

Block producing time for the recent 2,016 block period was at just 8 minutes 46 seconds — over 10% short of the desired 10 minutes.

All time Bitcoin network mining difficulty. Source: Historical data from reveals that in the coin’s earlier years, the network saw hikes of over 20% within a given 2,016 block interval — as in early July 2016. Back then, it is worth noting that absolute difficulty was at just 144.12 G, with an average hash rate of 1.03 EH/s. Go back still further to fall 2010, and the budding network was subject to hikes of almost 56% — but with an absolute difficulty of 2,149 – 2.15 K and a 15.37 GH/s average hash rate. During crypto winter, Cointelegraph reported that the Bitcoin network had reported its second-largest difficulty drop in history, with a -15% adjustment in early December 2018. In June of this year — as Bitcoin’s 2019 bull run gathered pace — mining difficulty hit a then all-time-high of 7.86 T, as reported at the time. To press time, Bitcoin is trading at almost $11,700 — up 2% on the day, according to Cointelegraph’s Bitcoin Price Index.
Share on linkedin
Share on telegram

We use cookies and other similar technologies to improve your browsing experience and the functionality of our site. By clicking “Accept All Cookies”, or by scrolling and dismissing this banner, you consent to the storing on your device of all the technologies described in our Cookie Policy. Your current cookie settings can be changed at any time by clicking “Cookie Preferences”. We also urge you to read our Terms and Conditions and Privacy Notice to better understand how we maintain our site, and how we may collect and use visitor data.