Bitcoin completed a new mining difficulty adjustment at block height 937440, posting a 14.73% increase that erased the sharp reduction seen roughly two weeks earlier. On Feb. 7, at block 935424, difficulty had fallen 11.16%, the steepest downward move since 2021.
A sharp reversal after the Feb. 7 decline
The earlier drop was tied in part to an Arctic storm in the United States. Some U.S.-based miners cut operations to reduce strain on the power grid, pulling network hashrate lower and setting up the downward adjustment. Once those operators powered machines back on, the rebound came fast. Block production sped up, and the network moved into position for a large upward reset.
According to the report, Bitcoin’s hashrate climbed above 1 ZH/s. That surge pushed block intervals well below the usual 10-minute target, leading to Thursday’s recalibration. The new increase not only reversed the previous 11.16% decline but exceeded it. Moves of this size are rare. The last larger increase mentioned in the report was on May 13, 2021, at block 683424, when difficulty rose 21.53%.
Higher difficulty lands as miner revenue stays weak
The rebound in hashrate has not translated into stronger mining economics. At the time of the adjustment, miner revenue remained under pressure. Hashprice data tracked by hashrateindex.com showed miners earning $29.30 per PH/s. That leaves operators dealing with tighter margins even as more machines come back online and competition across the network intensifies.
For miners, a difficulty increase of 14.73% means each unit of hashrate is fighting harder for the same block rewards and fees. Under low hashprice conditions, that puts more weight on power costs and operational efficiency. The protocol, though, keeps adjusting on schedule. It responds to block production, not to miner margins or weather disruptions.
What this adjustment says about the network
From the Feb. 7 cut to the latest increase, Bitcoin went through a sharp two-week swing in mining conditions. The move points to a fast recovery in network hashrate and a quick return of competitive pressure. How long miners can keep operating at this pace with revenue near multi-year lows remains the key question raised by this adjustment.