Saturday, July 20, 2024

This Sunday, November 12, 2023, witnessed another significant milestone in Bitcoin’s history as its difficulty metric surged by 3.55%, culminating in a historic high of 64.68 trillion at block 816,480. This increment is the latest in a sequence of five successive rises in the metric, beginning from September 19.

Increased Challenge in Bitcoin Mining: A 3.55% Jump

Mining for Bitcoin (BTC) has become more challenging than ever with the recent adjustment at block 816,480, where the difficulty increased by 3.55%. This rise is the latest in a sequence of increments that started with a 5.48% jump on September 19. This was followed by a modest 0.35% increase on October 3, a substantial 6.47% climb on October 16, and a 2.35% boost on October 29.

The difficulty level in mining Bitcoin has now crossed the 64 trillion threshold, underscoring the immense computational effort required to produce a valid hash below a specified target. The current difficulty of 64.68 trillion points to a highly competitive mining environment, demanding significant processing power for earning BTC block rewards. This metric undergoes adjustment every 2,016 blocks to keep the average time to mine a block around ten minutes.

Overview of Bitcoin Mining Pool Distribution

Over the past three months, the Bitcoin network’s hashrate averaged at about 423.1 exahash per second (EH/s). As of November 12, the seven-day simple moving average (SMA) is approximately 461 EH/s. Presently, the Bitcoin network is supported by 46 different mining pools. Antpool and Foundry USA are notable leaders in this area, with Antpool contributing 116.91 EH/s or 25.8% of the total network hashrate, and Foundry USA closely following with 114.98 EH/s, accounting for 25.37% of the total hashrate.

Roughly 23,500 blocks are left until the next anticipated halving event, expected around April 20, 2024. Bitcoin mining has seen a profitability increase since October, continuing into November. This uptrend is attributed to Bitcoin’s rising value and higher transaction fees. According to bitinfocharts.com, the peak average transaction fee was $15 on November 9, 2023, with the current average fee at 0.00018 BTC or $6.76 per transaction.

The next expected adjustment in Bitcoin’s difficulty is projected for November 25, 2023.

We invite you to share your perspectives on the recent increase in Bitcoin’s difficulty this Sunday. Please feel free to express your views and thoughts on this topic in the comments section below.

Frequently Asked Questions (FAQs) about Bitcoin Difficulty

What is the current Bitcoin mining difficulty?

As of November 12, 2023, the Bitcoin mining difficulty has reached a record high of 64.68 trillion.

How much has the Bitcoin difficulty increased recently?

The Bitcoin difficulty increased by 3.55% at block height 816,480 on November 12, 2023.

What are the notable trends in Bitcoin’s mining difficulty since September 2023?

Since September 19, 2023, Bitcoin’s mining difficulty has seen five consecutive increases, culminating in the current record high.

What is the significance of the Bitcoin mining difficulty level?

A higher Bitcoin mining difficulty level indicates a more competitive landscape, requiring increased computational power for mining.

Which mining pools are leading in the Bitcoin network?

As of November 2023, Antpool and Foundry USA are the leading mining pools in the Bitcoin network.

When is the next Bitcoin halving expected?

The next Bitcoin halving is anticipated to occur around April 20, 2024.

What has been the trend in Bitcoin mining profitability recently?

Bitcoin mining profitability saw a rise in October and continued to increase through November 2023.

When is the next Bitcoin difficulty adjustment expected?

The next adjustment in Bitcoin’s difficulty is estimated to occur on November 25, 2023.

More about Bitcoin Difficulty

  • Bitcoin Network Statistics
  • Cryptocurrency Market Trends
  • Blockchain Technology Insights
  • Bitcoin Mining Overview
  • Digital Currency Developments
  • Bitcoin Halving Predictions
  • Mining Pool Analysis
  • Cryptocurrency Difficulty Adjustments

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