Bitcoin Hashrate Swells 15% Since Last Week As Analysts Expect Mining Difficulty To Increase

Bitcoin mining difficulty fell by 1.5% last week, following the full recovery of China’s mining ban last year. China started to crack down on cryptocurrency, prohibiting financial institutions and payment companies from providing services related to cryptocurrency transactions. China accounted for roughly 75% of the “average monthly hashrate share,” a term used to calculate the computational power needed to mine Bitcoin. After Beijing effectively banned the country’s cryptocurrency miners in May, more than half of bitcoin’s hashrate disappeared from the global network. But as of the early months of 2022, Bitcoin mining had fully recovered. Related Article | Apple Co-Founder Steve Wozniak ‘Feels’ Bitcoin Will Be Worth $100,000 On March 3, the difficulty decreased by 1.5 percent following six straight increases. Bitcoin’s mining difficulty is currently at approximately 27.55 trillion, and processing power has been up since the last adjustment. Bitcoin’s hashrate has climbed by approximately 15% since the difficulty adjustment and by 30% since it reached 169 EH/s two weeks ago. The network’s processing power is currently around 218.11 EH/s, and it has managed to remain a little over the 200 EH/s mark for the last 10 days. The Relationship Between Hashrate And Bitcoin The amount of processing power utilized to validate transactions and add blocks in a Proof-of-work (PoW) blockchain is refer...