Bitcoin Achieves Historic 61 Trillion Difficulty, Hashrate Continues to Defy Expectations Amidst 2023’s Steep Ascents
On October 16, 2023, Bitcoin achieved a remarkable milestone by surpassing the 61 trillion mark in difficulty at block height 812,448, establishing a new benchmark for the network. This ascent marked the fourth-largest increase in difficulty for the year. Remarkably, despite this substantial rise, the hashrate has exhibited unwavering growth.
Bitcoin’s Difficulty Surges to 61 Trillion, Hashrate Resolutely Advances
Following a notable 6.47% surge on Monday, Bitcoin’s difficulty reached an unprecedented 61.03 trillion, making it the fourth most substantial increase of the year. Miners had recently navigated two consecutive challenges: a 5.48% rise on September 19, followed by a modest 0.35% uptick on October 3.
However, in the face of these hurdles, the hashrate is steadily approaching its peak, closely resembling the high observed on October 12, 2023. As of Tuesday, October 17, following the 6.47% surge in difficulty, the hashrate now stands at an impressive 444 exahash per second (EH/s).
Approximately 42 mining coalitions are directing their hashrate towards the Bitcoin network, with the top five contributors being Foundry USA, Antpool, Viabtc, F2pool, and Binance Pool. Over the past three days, Foundry has taken the lead, contributing 133.25 EH/s, which accounts for 30.15% of the overall network’s hashrate, while Antpool has generated 116.95 EH/s, constituting 26.46% of the collective hashrate.
Looking ahead to October 29, 2023, the next anticipated adjustment in difficulty is scheduled after the discovery of over 1,800 blocks. Notably, block intervals have consistently fallen slightly below the typical ten-minute mark, ranging between 9 minutes and 13 seconds to 9 minutes and 37 seconds.
Based on the current block times and assuming the hashrate maintains its vigor while block durations remain below the ten-minute threshold, there is a possibility of another increase. Projections currently suggest a potential rise ranging from 0.18% to 4.2%.
Share your thoughts and insights on Bitcoin’s recent difficulty increase in the comments section below.
Frequently Asked Questions (FAQs) about Bitcoin Difficulty Milestone
What is Bitcoin’s difficulty milestone in 2023?
Bitcoin’s difficulty milestone in 2023 is an impressive 61 trillion, which was achieved on October 16, 2023, marking a significant point in the network’s history.
How has the hashrate responded to Bitcoin’s difficulty increase?
Despite the substantial rise in difficulty, the hashrate has shown remarkable resilience and continued to increase steadily, reaching 444 exahash per second (EH/s) by October 17, 2023.
Which mining coalitions are contributing to Bitcoin’s hashrate?
Approximately 42 mining coalitions are contributing their hashrate to the Bitcoin network. The top five contributors are Foundry USA, Antpool, Viabtc, F2pool, and Binance Pool, with Foundry leading the way.
When is the next expected difficulty adjustment, and what factors might influence it?
The next expected difficulty adjustment is scheduled for October 29, 2023, after the discovery of over 1,800 blocks. Block intervals have consistently been slightly below the typical ten-minute mark, and the adjustment may vary between 0.18% to 4.2% based on current block times and hashrate trends.
More about Bitcoin Difficulty Milestone
- Bitcoin’s Difficulty Reaches 61 Trillion
- Bitcoin Hashrate Statistics
- Top Bitcoin Mining Coalitions
- Bitcoin Difficulty Adjustment Schedule