Bitcoin Mining Difficulty Rises Nearly 3%

The latest recalibration has seen the difficulty of mining the leading cryptocurrency increase by 2.99%, reaching 89.47 T.

The interval between blocks since the last adjustment has shortened to less than nine minutes, with the average hash rate peaking at 718.28 EH/s.

This indicates that Bitcoin miners continue to integrate high-performance equipment of the latest generations into the network. 

For instance, IREN (formerly known as Iris Energy) increased its computing power from 10.5 EH/s on August 5 to 15 EH/s at the time of writing. This growth is attributed to the deployment of Bitmain’s Antminers T21 and S21 from previously ordered batches with a hash rate of 17.3 EH/s. Most installations were delivered between June and August, according to TheMinerMag.

The company has also signed a new contract with the manufacturer to purchase 39,000 units of Antminers S21XP. IREN expects equipment with a combined capacity of 10.5 EH/s to arrive in October-November.  

According to Glassnode, the 7-day moving average hash rate is 646 EH/s. The metric has been recovering since mid-August but has yet to reach the late July peak of approximately 670 EH/s.

Data from Hashrate Index shows that the hashprice is also recovering after plummeting to early-month lows of around $36 per PH/s per day. The value has risen to $42.

Earlier, CryptoQuant analysts declared the end of miner capitulation, citing the Hash Ribbons indicator.