Bitcoin’s network difficulty rose by over 10.5% on Aug. 1, 2024, breaking a three-month-long downward streak to mark a new all-time high.
The difficulty to create a new block on the Bitcoin blockchain increased by over 10.5% on Aug. 1, adding pressure to the rising operational costs related to Bitcoin (BTC) mining.
For nearly 3 months, between May 9 and July 30, Bitcoin’s network difficulty witnessed a significant decline, effectively reducing the computational power required to confirm Bitcoin transactions over the blockchain.
While a higher network difficulty demands higher computational power for processing Bitcoin transactions, it effectively secures the network against external attacks.
