The difficulty of mining Bitcoin could increase considerably due to the rise in the Hash rate of the Blockchain network of this cryptocurrency. The connection of more powerful equipment, as well as the incorporation of new miners, would be behind this escalation.
Unlike its price, which has shown great volatility in recent days, the Bitcoin Hashrate seems to be rising solidly. All this has led analysts to affirm that the increase in the difficulty of the network could reach 7.41%.
Another important aspect of all these movements that is being presented with the main cryptocurrency is trading on exchanges. For some months now, the usability of Bitcoin has been shedding from these exchange platforms.
New all-time high in Bitcoin Hash rate
The Bitcoin Hash rate is steadily approaching 140 EH / s. While this is happening, we are just days away from a new difficulty setting. The same is scheduled on the network for next weekend.
It should be remembered that the hash rate of the Bitcoin Blockchain network increases or decreases according to the massive incorporation or capitulation of miners. For example, after the halvings, the outdated miners pull out, driving down the Bitcoin Hashrate.
On the other hand, when a series of more efficient mining companies appear on the market and begin to be bought in large quantities, the hash rate increases. On this occasion, two aspects have been brought together: the acquisition of new machines, on the one hand and, on the other, the incorporation of new players and investors in the business.
Increased difficulty in sight
As stated above, for this weekend, the pioneering cryptocurrency Blockchain network has a new difficulty setting planned. Unlike the previous adjustment, which decreased the difficulty, this is expected to increase it considerably.
It is important to remember that the difficulty of mining Bitcoin is a measurement of the level of complexity of the mathematical puzzle to be solved. Once solved by the miners, it means that the block has been completed.
The adjustment of the difficulty to mine Bitcoin, occurs every 2016 mined blocks, which is equivalent to approximately every two weeks. The last adjustment occurred at the height of block 647,136, last Monday, September 7, which means that this weekend (block 649,152), will be the next.
Likewise, the last adjustment reported a decrease in the difficulty of mining of -1.21%, remaining the same at 17.35Q. For its part, the next adjustment is expected to increase the difficulty by 7.41%. This increase will be fed back with the rise in the Bitcoin Hash rate.
Exchanges lose weight
Other information related to this is the loss of percentage ground by exchanges. Recently, Crypto trend reported on the decrease to 20% of the commissions for transactions that remain in the power of the exchange platforms.
This means that the usability or adoption of Bitcoin has increased, which makes exchanges less necessary to exchange cryptocurrencies for fiat money.
This demand, at the same time, will affect and is affected by the increase in the Bitcoin Hash rate. Everything seems to indicate that the trend is going to continue and could also touch the price to the upside.
Data to take into consideration
- Bitcoin’s hash rate stands at 136.5 EH / s according to data from the Blockchain.com analytics platform.
- Percentage of transaction fees received by exchanges continues to decline as Bitcoin adoption increases.
- The last difficulty adjustment of the Bitcoin Blockchain network occurred on September 7 at the height of block 647,136.
- The next adjustment for the weekend is expected to increase the difficulty by 7.41%.
The information in this content has been extracted from reliable sources that are detailed below.
1- Professional handling of content by the authors of CriptoTendencia.
2- External sources: Newsbtc.com and btc.com.