Mining the first cryptocurrency becomes more difficult amid the recovery of computing power in its network
Bitcoin’s mining complexity has reached 19 trillion hashes (T) as a result of another recalculation, according to the BTC.com Observer. Over the past 2 weeks, the figure has increased by 3.2%, and the increase since July was 31%. Then the value fell to its lowest since June 2020 at 13 T.
Network complexity determines the amount of computing power required to find a new block in the bitcoin blockchain. This parameter changes every 2016 blocks, or about once every two weeks. This is needed to keep the block finding time around 10 minutes.
Although bitcoin’s complexity has been increasing over the past five recalculations, it remains below the historical high of 25 T set in May 2021. The sharp decline in late spring and the first half of summer came amid a mining ban in China.