Bitcoin’s mining complexity increased by 9.26%, the largest adjustment since January and the third consecutive positive adjustment.
This change is reflected in data published by BTC.com, which tracks the network’s mining complexity and publishes updates as it adjusts about every fortnight.
The network’s hash rate has also increased by more than 12% since August 18, the date of the last update, according to data compiled by The Block Research.
The difficulty of mining decreased significantly in early summer, when Bitcoin miners in Texas shut down their equipment due to power shortages in the state amid a severe heat wave.
The rise in hash rates is due to “a combination of the heat finally subsiding (globally) and capacity gradually coming online,” said Kevin Zhang, senior vice president of mining strategy at Foundry, which runs the Foundry USA mining pool. “In addition, there is another factor – the more efficient Bitmain S19 XPs are finally coming to market.”