Trading in the cryptocurrency market can be fraught with pitfalls. According to the recent data, the difficulty of mining a bitcoin block ramped up by 3.6% to a record high of 17.55 trillion hashes (EH/s).
The previous record high was logged in July this year. Such a surge in the difficulty of mining was triggered by a decline in network hashing power. During the week from August 17-21, the bitcoin hash rate reached its record high. However, on August 23, it tumbled to a month low of 119.4 EH/s.
Analysts suppose that such a plunge in the hash rate of the key bitcoin pools was mainly caused by an unexpected deterioration of weather conditions. Thus, Sichuan province has been hit by continuous heavy rainfalls. The floods damaged tens of thousands of miners.
