Bitcoin Mining Difficulty Projected to Increase by 7% (Patreon)

Bitcoin Mining Difficulty Projected to Increase by 7% Tomorrow

The mining difficulty of the Bitcoin network is projected to increase by 7% on Tuesday, August 22, 2023. This is the first significant difficulty increase since June 2023, and it comes after a summer of minimal hashrate growth and flat difficulty adjustments.

The 14-day moving average hashrate has reached 395 EH/s, which is up from 360 EH/s in June 2023.

The increase in hashrate is being attributed to a number of factors, including the arrival of new mining equipment. 

The increase in difficulty is expected to make it more difficult for miners to earn Bitcoin rewards. However, it is also a sign of the strength and resilience of the Bitcoin network. The network's difficulty adjustment mechanism ensures that the block mining time remains relatively constant, even as the hashrate fluctuates.

The next difficulty adjustment is scheduled to occur on October 10, 2023.