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At 00:05 UTC on Tuesday, the biweekly mining difficulty adjustment posted a 4.5% increase at block 699551, according to several mining sites. “Difficulty” refers to the relative measure of the amount of resources required to mine bitcoin. This measurement adjusts up or down depending on the amount of power consumed (or “hashrate” produced) by the network at a given time. Bitcoin’s protocol is set to adjust the difficulty level every 2,016 blocks, or roughly every two weeks, to ensure that new blocks are mined at a stable rate.
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