The Bitcoin mining difficulty has reached its highest with a 6.17% jump amid significant price drop in the BTC market.
Data from BTC.com confirms that the difficulty has increased to another all-time high in the latest biweekly readjustment on August 22. The source cites that current difficulty has soared to 55.62 trillion with its average hashrate nearing 400 EH/s.
Difficulty refers to a measurement on how difficult it is to mine a block. The upward trajectory in difficulty suggests efforts from miners are increasing which ultimately lead to securing the Bitcoin network.
In order to produce new blocks at a steady average rate, the network automatically adjusts target hash up or down, which results in lower or higher difficulty.
Similarly the hashrate is also a measuring unit in the Bitcoin network which determines how many times a needed calculation can be done in a second. Whereas difficulty is the number of calculations needed for producing a block.
The next biweekly automated readjustment is set to occur roughly after two weeks on 6th August which is estimated to surpass 56 trillion.
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