Current block times and estimates show that Bitcoin mining difficulty is about to rise even higher – Mining Bitcoin News


As Bitcoin moves below the $20,000 region, the network’s hashrate is still high at 250.04 exahashes per second (EH/s), following an all-time high (ATH) recorded on October 5th. At the time of writing, the current rate at which blocks are being processed is faster than the typical ten minute average block intervals between the current block height (757,531) and the last difficulty adjustment. Statistics show that the network could see the biggest difficulty increase this year due to faster block times, with estimates showing a possible jump from 9% to 13.2%.

Block times and Hashrate offer significantly Bitcoin Mining Difficulty in Cards

On the next retarget date, October 10, 2022, bitcoin mining will become even more difficult. Two days ago, on October 5th, the network’s total hashrate reached an ATH of 757,214 blocks at 321 EH/s. Even though the price of BTC is lower and the difficulty is close to the final ATH, miners are relentlessly devoting computing power to the BTC chain. Currently, the hashrate is dropping at a rate of 250 EH/s after reaching the ATH on Wednesday.

Current Block Times and Estimates Show that Bitcoin Mining Difficulty is Much Higher

Data from Bitinfocharts.com shows that block times (the interval between each mined block) are currently faster than the ten-minute average. As of 9:00 a.m. ET, the readings currently show a lock-in time of about 9:05 minutes, but other charts show a faster rate at 8:49 minutes. With the average bitcoin block interval between the current high (757,471) and the last difficulty period (756,000) at 8:49 minutes, this suggests that BTC is due to a significant increase in network difficulty. There is a chance that the October 10th difficulty spike could be the network’s highest difficulty increase this year.

Current Block Times and Estimates Show that Bitcoin Mining Difficulty is Much Higher

Data from btc.com shows an increase of about 9.34%, which would surpass the network’s second largest increase in 2022. If Btc.com’s estimate is correct, BTC’s network difficulty will increase from 31.36 trillion to 34.29 trillion. Indicators from the Clark Moody’s Bitcoin scoreboard indicate that the difficulty swing could be higher, and at the time of writing, the Moody’s scoreboard could be about 13.2% higher than today. The Bitcoin network has about 400+ blocks until the next target.

It’s possible that the hashrate will slow down and block times will rise back into the ten minute range. If so, the percentage increase in difficulty could be much lower than even Btc.com’s 9% increase estimate. Once every two weeks or 2,016 blocks are discovered, the difficulty of the network will make it harder or easier to find a BTC block depending on how fast the 2,016 blocks are discovered.

If 2016 blocks are found too fast, the network’s algorithm adjusts the difficulty higher, and if blocks are found at a slower rate, the difficulty rating may be reduced. The last significantly large difficulty drop occurred on July 3, 2021, when the difficulty dropped by 27.94% at 689,472 blocks high. This means that BTC block subsidy was 27% easier to find than before 689,472 blocks.

Tags in this story

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What do you think about the possibility that Bitcoin mining difficulty could see the biggest jump this year? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is Head of News at Bitcoin.com 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 Bitcoin.com News about disruptive protocols emerging today.




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