Giovanni Russo On October 29, 2023, the difficulty level of Bitcoin mining escalated by 2.35%, attaining an all-time high of 62.46 trillion. This increase marks the fourth successive uptick within a span of six weeks. The forthcoming adjustment epoch for mining difficulty is scheduled for November 12, 2023. Interestingly, the string of recent increases appears not to have dissuaded miners, as evidenced by the overall network hashrate maintaining both its resilience and stability.
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Bitcoin Experiences Fourth Sequential Hike in Mining Difficulty
Subsequent to a 6.47% escalation on October 16, the mining difficulty of Bitcoin witnessed another ascent on October 29, 2023. At the block height of 814,464, the network experienced a 2.35% enhancement in mining difficulty, transitioning from 61.03 trillion to an unprecedented level of 62.46 trillion.
This progression has rendered the task of mining Bitcoin block rewards more arduous than ever before in the cryptocurrency’s history. Despite the heightened complexity, miners have exhibited no signs of deterrence, maintaining an aggregate hashrate slightly in excess of 450 exahash per second (EH/s).
Presently, the average block times continue to be less than the standard ten minutes, with available data suggesting block processing times fluctuating between nine minutes and 17 seconds to just over nine minutes per block. No fewer than 42 mining pools are contributing a minimum hash rate of 3 gigahash per second (GH/s) to the Bitcoin blockchain.
Moreover, close to 17 pools are commanding more than 1 EH/s of computational power expressly for Bitcoin mining. As of October 30, 2023, approximately 26 mining pools are in operation, each contributing around 1 petahash per second (PH/s) of hash power to the network.
A scant 48 hours prior, Antpool was the dominant mining pool, leading in terms of hash rate. Recent metrics, however, indicate that Foundry has now overtaken this position, claiming 27.02% of the total network hash rate, while Antpool trails slightly with a share of 26.58%.
Collectively, these two mining pools control an astounding 53.6% of the network’s total hash rate. Over the last seven days, Foundry and Antpool have been engaged in fierce competition concerning hash rate, with Foundry gaining a marginal lead as of October 30, possessing 120 EH/s in contrast to Antpool’s 118 EH/s.
We invite you to share your insights and perspectives on this remarkable rise in Bitcoin mining difficulty in the comments section below.
Frequently Asked Questions (FAQs) about Bitcoin mining difficulty
What is the key highlight of the Bitcoin mining difficulty as of October 29, 2023?
The key highlight is that the Bitcoin mining difficulty reached an all-time high of 62.46 trillion on October 29, 2023, marking a 2.35% increase.
How many consecutive increases in Bitcoin mining difficulty have occurred recently?
This surge in difficulty represents the fourth consecutive increase over the previous six weeks.
What is the next scheduled difficulty adjustment for Bitcoin?
The next scheduled adjustment for mining difficulty is slated for November 12, 2023.
How has the recent difficulty change impacted miners?
Despite the heightened level of complexity in mining, Bitcoin miners appear to remain undeterred. The total network hashrate has sustained its resilience and stability, remaining just above 450 exahash per second (EH/s).
Are there any dominant mining pools at present?
As of the recent statistics, Foundry and Antpool are the leading mining pools. Foundry holds 27.02% of the total network hashrate, while Antpool holds 26.58%.
What is the average block time currently?
Currently, the average block times are below the standard ten-minute mark, fluctuating between nine minutes and 17 seconds to just over nine minutes per block.
How many mining pools are currently active in contributing to the Bitcoin blockchain?
As of October 30, 2023, around 42 mining pools are contributing a minimum of 3 gigahash per second (GH/s) to the Bitcoin blockchain.
How many mining pools boast more than 1 exahash per second (EH/s) of computational power for Bitcoin mining?
Nearly 17 mining pools are commanding more than 1 EH/s of computational power dedicated specifically to Bitcoin mining.
What percentage of the total network hashrate is controlled by Foundry and Antpool?
Together, Foundry and Antpool control an astounding 53.6% of the total network hashrate.
More about Bitcoin mining difficulty
- Bitcoin Difficulty Adjustment Mechanism
- Understanding Bitcoin Hashrate
- Foundry Mining Pool
- Antpool Mining Pool
- Bitcoin Block Times Explained
- Overview of Mining Pools in the Bitcoin Network
- History of Bitcoin Mining Difficulty
- Exahash and Petahash: Measuring Mining Power
10 comments
Foundry’s takin the lead now huh. The competition between Foundry and Antpool is like a boxing match that never ends!
I didn’t expect another uptick in mining difficulty, but it makes sense given how BTC is becoming more mainstream.
Can’t believe block times are still below 10 mins despite the rise in difficulty. Kudos to the miners!
this is a solid article, covers all bases. Very informative for anyone in the crypto space.
Miners arent phased at all by this difficulty spike. it shows the strength of the network in my opinion.
Four increases in 6 weeks. wow. Is this the new normal for BTC mining?
With Foundry and Antpool controlling over 50% of the hash rate, it really makes you wonder about decentralization in mining.
What about smaller mining pools? They’re getting squeezed out, aren’t they?
Wow, 62.46 trillion? That’s insane, but props to the miners for not backing down.
Difficulty’s up but so is the price of BTC. Still a win-win if you ask me.