Bitcoin Network Raises Notable Difficulty In 3 Days – Bitcoin News

Bitcoin mining difficulty, a measure of how difficult it is to find a new block and add it to the blockchain, is currently estimated to increase significantly on January 15, 2023. At the time of writing, Bitcoin’s mining difficulty appears to be on track for a 10% increase, rising from 34.09 trillion to 37.57 trillion.

Upcoming Difficulty Retargeting to Increase Hashrate Requirements

Leading cryptocurrency network Bitcoin (BTC) is set to experience a record difficulty spike on January 15, 2023, or in about three days. At the time of writing, the network’s hash rate is 268.79 exahashes per second (EH/s), and the blockchain’s computing power reached an all-time high on January 6, 2023. At block height 770,709 that day, the network’s hash power reached 361.20 EH/s.

Bitcoin Network Increases Noticeable Difficulty in 3 Days
The estimated difficulty change for January 15, 2023 was recorded on January 12, 2023 at 9:00 AM ET.

Bitcoin block times, also known as block intervals, ranged between 8 minutes, 52 seconds and 9 minutes, 6 seconds. The block interval is the average time it takes to add a new block to the blockchain, and the network difficulty is designed to keep the block time around 10 minutes per block.

The actual time between blocks may vary from this average, and since the last difficulty change on January 2nd, 2023 at a block height of 770,112 blocks, block intervals have become faster. For this reason, the difficulty retargeting on January 15th would be a significant increase, and would be a rise not seen since October 2022.

Foundry USA and Antpool Command Bitcoin’s global Hashrate is about half

At the time of writing and until the next difficulty change, BTC’s network difficulty is about 34.09 trillion. This means that it takes an average of 34 trillion hashes (or attempts) to find a valid BTC block and add it to the blockchain. Currently, analyst sites detail that Bitcoin’s next difficulty change is expected to increase by 10.1% to 10.21% in three days.

According to the highest estimate, the difficulty will reach an all-time high of 37.57 trillion, and bitcoin miners will have to apply 37.57 trillion hashes to find a block on the Bitcoin blockchain. Foundry USA is currently the top mining pool in the last three days with 29.57% of the global hashrate. The foundry is followed by Antpool (19.36%), F2pool (16.38%), Binance Pool (8.72%), Viabtc (8.30%) and Braiins Pool (3.40%) respectively. Between Foundry and Antpool, the two pools currently control 48.93% of the network’s total hashrate.

Tags in this story

All Time High, Analytics, Antpool, Binance Pool, Bitcoin, block 770709, Block Height, block interval, Block Time, Blockchain, Brains Pool, computing power, difficulty, difficulty change, EH/s, F2Pool, Foundry USA, Global Hashrate, Hashes, hashing power, Hashpower, Hashrate, growth, January 15, 2023, mining, mining effort, mining pool, Mining Pools, network, interest, Interest, record, retarget, valid block, ViaBTC

What do you think about Bitcoin’s upcoming mining difficulty change? Share your thoughts and predictions in the comments below.

Jamie Redman

Jamie Redman is Head of News at News and a fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about disruptive protocols emerging today.

Image credits: Shutterstock, Pixabay, Wiki Commons

Refusal: This article is for informational purposes only. This is not a direct offer or an offer to buy or sell or a recommendation or endorsement of any products, services or companies. does not provide investment, tax, legal or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or use of any content, goods or services mentioned in this article. .

Source link