Bitcoin Difficulty Back Above 20T, Here’s What This Mean
The nodes of the first cryptocurrency went through trivial positive adjustment of mining difficulty. How much has it added since the exodus of the Chinese miners?
Bitcoin difficulty surges again, surpasses 20T level
According to data from Bitcoin network explorers, on Oct. 18, 2021, at 11:25 p.m. UTC, the crypto king registered another positive adjustment of its mining difficulty.
Though this is the most trivial positive adjustment since August 2020 (Bitcoin's crucial metric added 0.95%), it continued an impressive series of seven consecutive positive adjustments.
Thus, Bitcoin's (BTC) network difficulty is back above 20T for the first time in five months.
A series of seven positive adjustments are very rare: the last one started in early Q3, 2019, when Bitcoin markets started recovering from Crypto Winter.
Miners shrugged off Chinese crackdown
Bitcoin (BTC) mining difficulty is automatically adjusted every 2016 blocks (roughly once every two weeks) to keep the block mining time stable at about 10 minutes.
Thus, when the number of active miners is too high, the difficulty surges, and when miners are shutting down their equipment, Bitcoin (BTC) network difficulty is reduced.
For instance, in Q2-Q3, 2021, when the majority of Chinese miners moved their rigs outside the country, Bitcoin (BTC) difficulty lost almost 50% in less than two months.
However, after seven positive adjustments, it looks like Bitcoin (BTC) mining fully recovered from this massive dropdown.Source