The difficulty on BTC adjusts upwards by over 11% as it gets more difficult to mine

in GEMS2 months ago

The bitcoin network doing what the bitcoin network do

The great thing about the bitcoin network is that it is self correcting.

If the price goes up and miners are able to make a ton of money mining bitcoin which causes a ton more miners to jump in, the difficulty level adjusts to keep the number of bitcoin being produced at a constant rate over time.

Miners have been raking it in lately and I know this because the difficulty levels keep going higher.

Today we just saw an 11% adjustment to the upside:

(Source: https://twitter.com/clarkmoody/status/1307514736838238208/photo/1)

That means more and more resources had been going in to mining bitcoin which was causing slightly more btc being produced than was projected.

The difficulty adjustments require more mining resources to return the same rewards in BTC.

It's good news as the network gets more and more secure and more and more resources are being put into mining bitcoin.

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