After the hash plummet in May and June, Bitcoin's hash dropped to 69 per second (EH/s) on June 28 and has been rising steadily. The increase in hash will naturally lead to an increase in the difficulty of mining. On July 31, the BTC network ushered in a difficulty adjustment at the height of 693504. This time the difficulty was adjusted to 14.5T, an increase of 6.03%. This is the first increase in difficulty after four consecutive reductions.

We expect that the upcoming mining difficulty adjustment will again lead to an increase, and it is expected that the mining difficulty will increase to 7.72% to 15.62T. There is still one day left to increase the difficulty. Because of the self-regulation mechanism of the Bitcoin system and the laws of market economy, there is a feedback cycle between hash, hash difficulty, and price.

Under the premise that the infrastructure remains the same, the higher the bitcoin price, the stronger the attractiveness of mining, the increase in hashes across the network, the fiercer competition among miners, and the higher the difficulty of mining (the system will adjust the difficulty in the next cycle, which has a certain degree of Hysteresis), while the cost becomes higher.

The increase in the difficulty of the entire network means that the hash of the entire network is growing in a short period of time, which is an important manifestation of the industry's recovery and shows that the market is full of confidence. From historical experience, the loss of revenue brought about by the improvement of the whole network hash can generally be compensated by the premium of the secondary market. For miners, the increase in cost is almost negligible.

The recent adjustment of the difficulty of the entire network shows that more mining machines are on the shelves, and the overall recovery of the entire industry is in line with the long-term interests of miners. Obviously, it is a good time to start mining, because the difficulty adjustment has just begun, and the price of mining machine leasing and cloud hash has not yet risen to the highest point, so you can participate in mining at a relatively low cost.

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