Javier Hernandez In spite of confronting an imposing difficulty metric of 61.03 trillion, miners of bitcoin are preparing for a fourth successive increase in mining difficulty, scheduled for October 30, 2023. Remarkably, the previous trio of complexity escalations did not hinder Bitcoin’s hashrate, which scaled new heights on October 12, 2023. Further intrigue is added by the observation that recent block intervals have routinely surpassed the standard ten-minute average.
Table Of Contents
Bitcoin Hashrate Reaches Record Levels Even as Difficulty Rises; Fourth Increment Projected for October 30
The appreciation in the value of bitcoin (BTC) has resulted in expanding profitability for miners. The globe’s most prominent mining pools have sustained their commitment to the network by contributing substantial computational power. As of October 12, Bitcoin’s hashrate, based on a seven-day simple moving average, hit an unparalleled 456 exahash per second (EH/s), representing a landmark achievement.
Presently, the hashrate is relatively stable around 443 EH/s, as indicated by the latest seven-day average data. Projections suggest an impending increase in mining difficulty, ranging from 2.21% to 2.5%, expected by October 30. This is subsequent to the recent 6.47% increase recorded at block height 812,448 on October 16, in addition to two previous increments.
Of particular note, the ongoing block intervals have consistently registered below the customary ten-minute average, fluctuating between eight minutes and 30 seconds to nine minutes and 48 seconds. This implies that the forthcoming 2,016 blocks are likely to be mined at an accelerated rate compared to the usual two-week period.
An estimated 42 mining pools are directing their computational power, encoded via the SHA256 algorithm, towards the Bitcoin blockchain. This has also resulted in an elevation of Namecoin’s hashrate beyond 300 EH/s. Namecoin, which is merge-mined with BTC, witnessed an all-time high of 396 EH/s at block height 687,123.
Among the participating pools, Antpool has been the dominant force over the last three days, representing a significant 29.56% of the aggregate hashrate or approximately 132 EH/s. Trailing closely is Foundry USA, accounting for an impressive 27.56% share or around 123 EH/s, while Viabtc manages a noteworthy 11.56% share, equivalent to 51.86 EH/s.
Completing the list of eminent mining pools, subsequent to Antpool, Foundry USA, and Viabtc, are F2pool and Binance Pool. As of the data available on October 28, 2023, over 25,000 blocks are yet to be mined leading up to the next reward halving. The forthcoming halving event is currently scheduled for April 21, 2024, but there exists the potential for its earlier occurrence, possibly as soon as March 2024, if the pattern of quicker block intervals continues.
Given the imminent fourth increase in mining difficulty, what are your perspectives on the evolving challenges faced by bitcoin miners? Your insights on this matter are invited in the comments section below.
Frequently Asked Questions (FAQs) about Bitcoin mining difficulty
What is the main focus of the article?
The main focus of the article is on the imminent fourth consecutive rise in Bitcoin mining difficulty scheduled for October 30, 2023. It discusses how this is happening despite an already high level of mining difficulty and how Bitcoin’s hashrate has been reaching record levels.
How has Bitcoin’s hashrate been performing recently?
Bitcoin’s hashrate reached a historic peak of 456 exahash per second (EH/s) on October 12, 2023. As of the latest data, it has stabilized around 443 EH/s.
What is expected to happen on October 30, 2023?
A difficulty adjustment is expected to occur in Bitcoin’s mining algorithm. Projections indicate an increase in the difficulty level by 2.21% to 2.5%.
How have block times been affected?
The block intervals have consistently been shorter than the traditional ten-minute average, suggesting that blocks are being mined at an accelerated rate.
Who are the leading mining pools contributing to the Bitcoin network?
As of the last three days leading to the article date, Antpool has been the dominant force, accounting for 29.56% of the total hashrate. It is followed by Foundry USA with a 27.56% share and Viabtc with an 11.56% share.
Is there an upcoming reward halving for Bitcoin miners?
Yes, there is an upcoming reward halving event currently scheduled for April 21, 2024. However, the possibility exists for it to occur earlier if the trend of accelerated block times continues.
How does Namecoin relate to Bitcoin’s hashrate?
Namecoin shares its mining infrastructure with Bitcoin via merge-mining. Its hashrate also reached a record high, propelling beyond the 300 EH/s threshold to 396 EH/s at block height 687,123.
More about Bitcoin mining difficulty
- Bitcoin Mining Difficulty Adjustment Explained
- Recent Trends in Bitcoin Hashrate
- Major Bitcoin Mining Pools and Their Hashrate Distribution
- The Impact of Block Time on Cryptocurrency Networks
- Understanding Bitcoin Reward Halving
- Namecoin and Its Relationship with Bitcoin via Merge-Mining
6 comments
reward halving coming up and now this? Miners are gonna have to get more efficient or face extinction. No two ways about it.
With accelerated block times, could we see the reward halving even before April 2024? Just a thought.
Wow, another difficulty rise, huh? These miners are really up for a challenge. I wonder how many will actually survive this one.
seriously, if the hashrate is hitting all-time highs, why increase the difficulty even more? It’s already tough as nails out there.
Man, if block times keep getting faster, that halving could hit us sooner than we think. Hold on to your hats, folks.
Antpool’s dominating the game again! But watch out, Foundry USA’s not far behind. It’s like a neck and neck race.