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- On August 22nd, the Bitcoin network difficulty increased by 6.17 percent.
- The upcoming automatic adjustment is set to elevate the difficulty level beyond 56 trillion.
The Bitcoin network appears to be unaffected by the recent downturn in BTC prices. New records have been established for both difficulty and hash rate, as confirmed by the latest on-chain data. Bitcoin miners seem to remain undeterred by the recent 10% price drop.
On August 22nd, the difficulty was raised by 6.17 percent during its latest biweekly automatic adjustment. This marks the sixth-largest difficulty increase for Bitcoin in 2023, based on information gathered by tracking platform BTC.com. Furthermore, this adjustment was enough to elevate the difficulty to unprecedented levels.
As the difficulty of Bitcoin transactions rises, it indicates both heightened competition among miners and enhanced efforts to secure the Bitcoin network. To sustain this trend, the next scheduled automatic adjustment will raise the difficulty level above 56 trillion.
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The hash rate, which represents the estimated hashing power of miners on the Bitcoin network, exhibits a similar trend. Additionally, the hash rate is currently around 400 exahashes per second (EH/s), a figure that is challenging to assess accurately but is already approaching previous all-time highs.
Conversely, Glassnode, an on-chain analytics firm, reported that the total amount of Bitcoin held by mining entities has remained relatively stable. As of August 22nd, this figure has risen by a steady 0.08% since the start of the month, reaching just over 1.83 million BTC. According to CMC, the price of Bitcoin at the time of this report is $26,514, reflecting a 2.85% increase over the past 24 hours.
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