The index depends on hashrate – the higher it is, the higher the difficulty becomes. The July 12 index broke the previous record of June 14, exceeding it by 4.93%.
The mining difficulty index of the first cryptocurrency has been rising steadily since 2021, when Bitcoin’s hash rate dropped significantly following the decision of the authorities Chinese authorities to ban mining and free circulation of cryptocurrencies. And PRC residents are circumventing laws and starting cryptocurrency wallets.
Recently, mining company Marathon Digital reported in its monthly report that it mined 979 bitcoins in June 2023. That’s a 599% increase from June 2022. Bits.media recently published an article about what’s in store for illegal mining in 2023