Depending on your viewpoint, you could say that this is an ongoing update or a one-time update.
In more detail, Project-GC sources its elevation data from
https://www.gpxz.io/. Due to recent updates to the quality and accuracy of the elevation data, we have opted to re-calculate the elevations of every geocache. We are processing geocaches based on their latitude, starting at the south pole and working towards the north pole. We expect the process to take, at the very least, another three months to complete. So, in that sense, it is both ongoing and one-time.