Bitcoin mining difficulty saw its biggest increase since 2019

The bitcoin network has just seen one of its biggest adjustments in mining difficulty. According to data from the BTC.com, mining difficulty increased by more than 15%, from 13.73T to 15.84T.

The difficulty that redirects every two weeks, or 2016 blocks, had already suffered a compound drop of 15.29% after two consecutive reductions since the third halving of bitcoin.

The Bitcoin mining difficulty rate is a metric that shows how difficult it is for miners to solve bitcoin blocks to receive the bitcoin reward.

If miners stop mass mining, the difficulty will decrease; when more miners contribute to the network's hash rate, the difficulty increases.

The upward metric indicates that mining machines have rushed back to the bitcoin network in the last 14 days after halving.

Miners are about to experience the biggest increase in bitcoin mining difficulty in 12 months.

Mining hardship data suggests that competition among bitcoin miners is heating up again and intensifying at an accelerated rate after mid-May. They also suggest that the difficulty should increase another 8.7% in 13 days.

Similarly, bitcoin hashrate, the amount of computing power dedicated to network security, also recorded the largest increase of any two-week difficulty adjustment cycle since 2019.

Bitcoin hashrate recovered more than 14% to 112.09 EH/s from the June 4 value of 98.30 EH/s.

This is in line with predictions that bitcoin mining farms in southwestern China are connecting machines to take advantage of cheap hydroelectricity during the rainy summer season (which begins from May to October).

It appears that miners at bitcoin mining concentrations in China, Sichuan and Yunnan are less affected by recent restrictions on hydroelectric dams and security inspections, or that small/illegal mining authorities they wish to crack down have been squeezed early.

The positive metrics of the mining sector instile confidence in the crypto market, as it argues that the larger the hashrate of bitcoin, the safer the network and the greater investor confidence, increasing demand.