Alexander Savenkov Following the recent adjustment that resulted in a modest 0.96% reduction, the upcoming difficulty retarget scheduled for December 23, 2023, is expected to usher in an increase, surpassing the previous decline. This rise is a direct consequence of the hashrate’s resurgence on an upward trajectory. On December 11, 2023, the seven-day average hashrate hit a low of 473 exahash per second (EH/s), but it has since rebounded, currently standing at 487 EH/s.
Bitcoin’s Total Hashrate Reclaims Momentum in Tandem with Hash Price Surge
Unless significant shifts occur in the coming week, Bitcoin’s difficulty is poised for an upswing. Based on current data, projections indicate an increase ranging from 1.64% to 4.5% on December 23. Luxor’s hashrateindex.com reports that the hashrate currently maintains stability at 487 EH/s after a brief dip last week. Presently, block generation times fluctuate between 8 minutes and 6.6 seconds to 9 minutes and 35 seconds.
Despite a decline in BTC’s unit price compared to its levels from December 5-10, the network’s hash price has soared to a peak of $112 per petahash per second (PH/s) per day. This surge can be attributed to a substantial surge in onchain transfer fees. On December 6, the average transaction cost surpassed $27, reaching around $25 per transaction on December 14. Data from mempool.space reveals an accumulation of 230,000 to 265,000 unconfirmed transactions in the backlog from December 14-16, 2023.
Foundry USA initially led 2023 as the dominant mining pool, but Antpool has now emerged as the frontrunner. As of December 16, 2023, 46 identified entities are actively mining BTC, with Antpool commanding 27.31% of the total hashrate, contributing 138.80 EH/s to the Bitcoin blockchain. Foundry USA remains robust with 124.59 EH/s, representing 24.52% of the overall hashrate. Other notable competitors over the last three days include Viabtc, Mara Pool, and Binance Pool.
In light of the escalating hashrate and the anticipated increase in difficulty, bitcoin (BTC) miners are making preparations for the impending halving, which is now less than 19,000 blocks away. Currently, the block reward stands at 6.25 coins, but it will halve to 3.125 coins per block following the event. This significant adjustment is expected to take place within the next 104 to 129 days, specifically from the end of March to sometime in April 2024.
We invite you to share your insights and perspectives on the rising hashrate and the estimated difficulty increase in the comments section below.
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Frequently Asked Questions (FAQs) about Bitcoin Hashrate
Q: What is the significance of the upcoming Bitcoin difficulty retarget on December 23, 2023?
A: The upcoming Bitcoin difficulty retarget on December 23, 2023, is significant because it is expected to bring about an increase in the mining difficulty. This increase is anticipated due to the rising hashrate, which had temporarily dipped but has since rebounded. It directly affects miners, as it will impact the computational power required to mine new blocks and, consequently, the rewards they receive.
Q: What is the current status of Bitcoin’s hashrate?
A: As of now, Bitcoin’s hashrate is at 487 exahash per second (EH/s). This figure represents the total computational power dedicated to securing the Bitcoin network. It is noteworthy because the hashrate directly influences the network’s security and the pace at which new blocks are added to the blockchain.
Q: Why has Bitcoin’s hash price risen, and how does it relate to miner fees?
A: Bitcoin’s hash price has surged to $112 per petahash per second (PH/s) per day due to an increase in onchain transfer fees. This rise in fees is attributed to a backlog of unconfirmed transactions, with transaction costs exceeding $27 on December 6. The hash price is significant for miners because it reflects the revenue they can generate from mining activities.
Q: Which mining pools are currently prominent in Bitcoin mining?
A: Antpool has emerged as the leading mining pool as of December 16, 2023, commanding 27.31% of the total hashrate, contributing 138.80 EH/s. Foundry USA remains a strong contender with 24.52% of the overall hashrate, totaling 124.59 EH/s. Other notable competitors include Viabtc, Mara Pool, and Binance Pool.
Q: What is the impending Bitcoin halving event, and why is it significant?
A: The impending Bitcoin halving event refers to the reduction in block rewards for miners. Currently, miners receive 6.25 coins per block, but this will halve to 3.125 coins per block after the event. It is significant because it affects miners’ revenue and the overall supply of new bitcoins entering circulation. The halving event is expected to occur within the next 104 to 129 days, potentially between the end of March and sometime in April 2024. Miners need to prepare for this significant change in their rewards.
More about Bitcoin Hashrate
- Bitcoin Difficulty Adjustment Explained
- Bitcoin Hashrate Explained
- Bitcoin Transaction Fees and Mempool
- Top Bitcoin Mining Pools
- Bitcoin Halving Countdown
