Bitcoin Difficulty Set to Rise 3.82% to All-Time High of 39 Trillion Following Recent Increase
The Bitcoin network is set to record another meaningful difficulty increase on Sunday, Jan. 29, 2023, as current estimates expect it to rise 3.82% higher. The change follows the last difficulty retarget, which advanced by 10.26% to the current all-time high of 37.59 trillion. Block Time Breakdown: How Faster Discovery is Impacting Bitcoin Difficulty
In just over a day, the Bitcoin network will see a difficulty increase of around 3.82%, according to current estimates. Right now, the mining difficulty is already at an all-time high (ATH) at 37.59 trillion, and with a 3.82% jump, it’s expected to be around 39.03 trillion. The number of hashes needed to mine a block is directly proportional to the difficulty level, which means each participating miner needs to perform 39.03 trillion hashes in order to mine a block at that level. Bitcoin mining difficulty estimation on Jan. 27, 2023, at 9:00 a.m. Eastern Time, shows an estimated 3.82% increase on Jan. 29, 2023.
The average Bitcoin block time has been around 8:54 minutes to 9:31 minutes, which has been lower than the 10-minute average. This too is linearly related to the estimated increase expected on Jan. 29. Current Bitcoin block interval or block time on Jan. 27, 2023, at 9:00 a.m. Eastern Time.
This is because when blocks are discovered faster than the 10-minute average, the 2,016 blocks in between difficulty retargets are also found faster than the two-week average. As a result, the Bitcoin protocol’s mining difficulty rises. With BTC’s price higher, a lot more hashrate has been dedicated to the blockchain.
Bitcoin’s hashrate is running high with an average of 278.2 exahash per second (EH/s) during the last 2,016 blocks. Foundry USA commands the top position in terms of mining pools with the most amount of dedicated SHA256 hashrate. Foundry has around 93.82 EH/s, over a three-day period, which accounts for 32.99% of the network’s computational power. The Bitcoin mining pool Antpool has dedicated 49.57 EH/s to the Bitcoin network over a three-day span, accounting for 17.43% of the hashpower. Tags in this story 278 EH/s, 300 EH/s, 300 exahash, All time high, Antpool, Bitcoin, Bitcoin (BTC), Bitcoin mining, Bitcoin network, block intervals, Block time, block times, BTC, BTC Mining, BTC network, BTC/USD, computational power, crypto network, difficulty, Exahash, Foundry USA, Hashes, Hashpower, Hashrate, hashrate ATH, increase, Low Prices, mining, mining block, Mining Difficulty, Mining Pools, network, participating miner, per second, protocol, SHA256, ten-minute average
What impact do you think this difficulty increase will have on the overall Bitcoin network and its miners? Share your thoughts in the comments below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Paraguayan Bitcoin Mining Companies Hurt by Power Rate Hikes of Over 50% MINING | 16 hours ago Bitcoin Network"s Mining Difficulty Rises to All-Time High, Making Block Discovery More Challenging MINING | Jan 15, 2023
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Ahead of US Consumer Sentiment Data Next articleBiggest Movers: MATIC Nears 3-Month High, as LINK Extends Recent Gains Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItBitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals
A bitcoin ATM operator has been indicted in New York for running an illegal business "marketed towards individuals engaged in criminal activity." The district attorney in charge described: "Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk ... read more.Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether