According to data collected on July 9, 2023, Bitcoin is expected to experience a significant increase in mining difficulty, surpassing the 3.26% reduction observed on June 28. The upcoming adjustment, scheduled for July 12, is estimated to raise the difficulty between 4.74% and 7.7%. Additionally, the total network hashrate achieved a new 24-hour peak on July 8, reaching an impressive 538 exahash per second (EH/s) at block height 797,733.
Impending Record-Breaking Increase in Bitcoin Mining Difficulty, Accompanied by 24-Hour Total Hashrate High at 538 EH/s
Recent statistics recorded on July 9, 2023, highlight the approaching Bitcoin mining difficulty adjustment set for July 12, 2023. During the previous difficulty change, Bitcoin’s mining difficulty experienced a reduction of 3.26%, bringing the total to 50.65 trillion. It is projected that the difficulty will increase by 4.74% to 7.7% due to consistently shorter block intervals compared to the ten-minute average.
Presently, the average block time on July 9 fluctuates between 8 minutes and 2 seconds to 9 minutes and 18 seconds per block. Furthermore, the total hashrate remains stable at 440.72 EH/s on Sunday after attaining a 24-hour record high on the previous day. On July 8, at block height 797,733, records indicate that the hashrate peaked at 538.05 EH/s. This rise in hashrate has accelerated the block intervals, increasing the likelihood of mining 2,016 blocks in less than the usual two-week timeframe.
An increase ranging from 4.74% to 7.7% will eliminate the decline observed on June 28 and propel the overall network difficulty to a new record-setting high. At the lower end of the range, a 4.74% increase would raise the difficulty from the current 50.65 trillion to 53.04 trillion. Consequently, this will mark the most challenging period in mining history for miners seeking to unlock BTC blocks. Despite the difficulty reaching historically high levels, several factors have contributed to the rise in hashrate.
One significant factor is the 80% increase in BTC’s value against the U.S. dollar in the first half of 2023, making mining BTC more lucrative. Additionally, manufacturers have introduced advanced application-specific integrated circuit (ASIC) mining rigs that offer significantly higher hashrates and improved efficiency. Lastly, mining operations that weathered the ‘Crypto Winter’ of 2022 have expanded their activities by acquiring new facilities and deploying thousands of BTC miners.
We would love to hear your thoughts on Bitcoin’s upcoming mining difficulty change and the implications it holds for miners. Please share your opinions and insights on this topic in the comments section below.
Frequently Asked Questions (FAQs) about Bitcoin mining difficulty
What is Bitcoin mining difficulty?
Bitcoin mining difficulty refers to the measure of how challenging it is to mine new Bitcoin blocks. It is adjusted approximately every two weeks to maintain a consistent block production rate.
How is Bitcoin mining difficulty adjusted?
Bitcoin mining difficulty is adjusted using a formula that takes into account the total computing power, or hashrate, of the network. If blocks are being mined faster than the target rate of one block every ten minutes, the difficulty increases. Conversely, if blocks are being mined slower, the difficulty decreases.
Why is there a surge in Bitcoin mining difficulty?
The surge in Bitcoin mining difficulty is a result of consistently shorter block intervals than the average ten-minute target. This prompts an increase in difficulty to maintain the desired block production rate and prevent an oversupply of new Bitcoins.
What are the implications of the record-breaking increase in mining difficulty?
The record-breaking increase in mining difficulty means that it will be more challenging for miners to successfully mine new Bitcoin blocks. It requires more computational power and resources, potentially affecting profitability and the competition among miners.
What factors contribute to the rise in Bitcoin hashrate?
Several factors contribute to the rise in Bitcoin hashrate. These include the increase in BTC’s value, making mining more profitable; the introduction of more advanced mining rigs with higher hashrates; and the expansion of mining operations with new facilities and a larger number of miners.
More about Bitcoin mining difficulty
- Bitcoin Mining Difficulty Explained
- Bitcoin Difficulty Adjustment
- Understanding Bitcoin Mining Difficulty
- Bitcoin Mining Hashrate
- Bitcoin Mining Hardware