The difficulty level for mining Bitcoin has surged to an all-time high, following an increase of 5.48%, reaching 57.12 trillion. This escalation points to a significant uptick in the computational power required for block discovery. Concurrently, the network’s hashrate also attained new peaks over the past week.
Bitcoin Difficulty Skyrockets to 57 Trillion as Hashrate Reaches New Milestones
As of September 19, 2023, at block 808,416, the Bitcoin blockchain documented an upswing of 5.48% in mining difficulty. This adjustment succeeded the previous one, which was marked by a 2.65% decrease at block 806,400 on September 5. With the difficulty now calibrated at 57.12 trillion, this phase represents the most formidable epoch in the history of Bitcoin mining.
The following difficulty alteration is slated for October 2, 2023. Post the ascent to 57 trillion, the network’s hashrate continues to maintain elevated levels, with the mean block time presently clocking in at nine minutes and 33 seconds.
Analysis of Hashrate Metrics Over the Last Month
In the span of the last month, the 30-day simple moving average (SMA) of the hashrate was recorded at 402 exahash per second (EH/s). The seven-day SMA indicates 432 EH/s, while the three-day SMA reveals a peak of 461 EH/s.
The network established a new 24-hour record by rapidly climbing to 538.88 EH/s at block 807,830 on September 15. At present, the hashrate oscillates around 425.16 EH/s, with approximately 42 entities contributing SHA256 hashrate to the network.
Leading Mining Pools and Their Contributions
In terms of mining pools, The Foundry USA takes the lead, generating 123.92 EH/s, thereby making up 29.19% of the total network hashrate in the past three days. Following closely, Antpool contributes 95.25 EH/s, accounting for 22.44% of the overall hashrate. F2pool ranks third, with a contribution of 57.33 EH/s or 13.51%, as of the most recent data.
We invite you to share your expert analyses and viewpoints on the current trends in Bitcoin mining in the comment section below.
Frequently Asked Questions (FAQs) about Bitcoin mining challenges
What does the article mainly discuss?
The article primarily focuses on the record-setting increases in Bitcoin mining difficulty and hashrate as of September 2023. It provides detailed metrics and also mentions leading contributors in the Bitcoin mining sector.
What is the significance of the 5.48% increase in Bitcoin mining difficulty?
The 5.48% rise in mining difficulty to 57.12 trillion indicates that an unprecedented level of computational power is now required for miners to successfully add blocks to the blockchain. This phase marks the most challenging era in the history of Bitcoin mining.
When is the next Bitcoin difficulty adjustment expected?
The subsequent difficulty adjustment is anticipated to occur on October 2, 2023.
What are the current hashrate statistics as per different Simple Moving Averages (SMAs)?
As of the last month, the 30-day SMA for the hashrate stands at 402 EH/s. The seven-day SMA is at 432 EH/s, and the three-day SMA has peaked at 461 EH/s.
What was the 24-hour record for the Bitcoin hashrate?
The network set a new 24-hour record with a rapid increase to 538.88 EH/s at block 807,830 on September 15, 2023.
Which mining pools are leading in terms of hashrate contribution?
The Foundry USA mining pool is leading with a contribution of 123.92 EH/s, accounting for 29.19% of the total hashrate over the last three days. It is followed by Antpool with 95.25 EH/s (22.44%) and F2pool with 57.33 EH/s (13.51%).
What is the average block time currently?
The current average block time is approximately nine minutes and 33 seconds.
How many entities are contributing to the network’s hashrate?
Around 42 entities are contributing SHA256 hashrate to the Bitcoin network as of the most recent data.
Who is the target audience for this article?
The article is intended for serious business people, investors, and professionals interested in in-depth analyses of current trends and metrics in the Bitcoin mining industry.
More about Bitcoin mining challenges
- Bitcoin Mining Difficulty: A Comprehensive Guide
- Understanding Bitcoin Hashrate
- Bitcoin Blockchain Statistics
- The Importance of Mining Pools in Bitcoin Ecosystem
- The Role of Computational Power in Bitcoin Mining
- Simple Moving Average (SMA) Explained
- Trends in Cryptocurrency Mining: A 2023 Outlook
- Leading Bitcoin Mining Pools and Their Market Share
- The Mechanics of Bitcoin Block Time
- SHA-256 Algorithm: The Backbone of Bitcoin Mining