Saturday, May 18, 2024

On April 6, 2023, the difficulty of Bitcoin increased 2.23% higher at block number 784,224, setting an amazing new record. This was the fourth time the difficulty went up since February 24th and it’s currently set at 47.89 trillion which is really close to reaching 50 trillion.

“Bitcoin Difficulty Increases and Hashrate Stays High

Right now, it’s the hardest it has ever been to mine Bitcoin. This difficulty level is so high that miners have to try 47.89 trillion different combinations on their computers to discover a special code – known as a ‘cryptographic hash value’ – that matches the criteria for every block on the blockchain.

On April 6, the level of difficulty went up for the fourth time in 41 days or since a certain block happened. It was 2.23% higher than two weeks ago, and it is set to stay that way until about April 20th. Although the difficulty increased, the hashrate (rate of mining) stayed pretty high at 340.61 exahash per second. In fact, just last month on March 23rd the hashrate actually peaked at 400 EH/s!

Coinwarz.com shows us that on March 25, 2023, the Bitcoin network was fastest it’s ever been with a total of 414.33 EH/s (that’s exa hashes per second). As of now, the hashrate is 340 EH/s, and it takes between 8 minutes and 29 seconds to 9 minutes and 8 seconds for each block (the little packages of Bitcoin data separated by lines) to be processed. This time was checked at 9:30 PM Eastern Time on Thursday night.

The past three days were great for Bitcoin miners! Foundry USA found 159 blocks using 117.66 EH/s, which is 34.34% of all the blocks discovered globally while AntPool managed to get 95 blocks by using 70.30 EH/s or 20.52% of the network’s power. In total, there have been 463 newly discovered blocks within just three days with an average hashrate around 342.50 EH/s. Do you have thoughts or opinions about Bitcoin’s four consecutive increment in difficulty? Feel free to share down below!

Image Credits: We can find these images on Shutterstock, Pixabay, Wiki Commons and Coinwarz.com.

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