Bitcoin is again becoming Talk 🗣️ of the town 🏠

GM Guys and Gals,

The year has already given Bitcoin an initial rise 🔺 and it is predicted to grow throughout the year. But, But, there is a piece of breaking news 📰 - Bitcoin Mining Difficult rises by almost 10% 😱 [Here's everything you need to know about it 👇🏻]

Bitcoin Mining Difficulty Sets New All-Time High 📈

The “mining difficulty” is a feature on the Bitcoin blockchain that controls how hard miners currently find it to mine on the network. The reason such a concept exists, to begin with, is that the BTC blockchain intends to keep the “block production rate” as close to a constant, standard value as possible.

The block production rate is the rate at which miners are currently hashing new blocks on the network (or more simply, the speed at which they handle transactions). However, as this rate is dependent on the miners’ ability to mine, it can fluctuate whenever miners move in and out of the network.

The Bitcoin network makes such switches in the difficulty in periodic difficulty adjustments, which take place approximately every two weeks. This entire process is fully automatic, as the difficulty is an inbuilt feature of the BTC code.

Here is a chart that shows the trend in the BTC mining difficulty over the past year:

The total amount of computing power that miners have connected to the blockchain is known as the “hash rate.” Whenever this metric’s value changes, so does the block production rate. But as noted earlier, the network wants this value to not change like this and instead stay around a constant.

As displayed in the above graph, the Bitcoin mining difficulty has sharply risen in the most recent adjustment and has set a new all-time high. The reason behind this sudden 10% increase in the indicator’s value can be seen in the chart for the mining hash rate:

That's it for the day, Web3Shala 👋

To the Moon 🪐LFG 🚀