On July 18, 2024, Bitcoin mining difficulty increased by 3.21%, reaching a new level of 82.05 T. This marks the first rise in difficulty since late May 2024, despite a declining hash rate.
The mining difficulty surge indicates heightened activity among miners, even though the average hash rate stands at 599.92 EH/s. Mining difficulty measures the computational power required for mining, and an increase usually signals more miner participation.
Interestingly, while difficulty is up, the 90-day moving average of the hash rate shows a downward trend, suggesting stress in the mining community. CryptoQuant reports miner “capitulation,” highlighting reduced hash prices, daily income, and overall hash rate.
Looking ahead, the next difficulty adjustment is expected on July 31, 2024, possibly increasing by 1.1%. This period highlights both the resilience and challenges for miners, offering insights into the network’s health and miner behavior.
