As Bitcoin heads below the $20K region, the network hash rate is still rising at 250.04 exahashes per second (EH/s) after the all-time high (ATH) hash rate tapped on Oct 5. At the time of writing, the current speed at which blocks are processed is faster than the typical average block intervals of ten minutes between the current block height (757,531) and the last difficulty adjustment. Statistics show that because block times have been much faster, the network could see the biggest difficulty increase this year, with estimates suggesting a potential rise of 9% to 13.2%.
Block Times and Hashrate Report Significant Increase in Difficulty of Bitcoin Card Mining
Bitcoin mining is looking to get more difficult at the next retargeting date that will occur on October 10, 2022. Two days ago, on October 5, the total network hash rate reached an ATH of 321 EH/s at block height of 757,214. While the price of BTC is lower and the difficulty is close to the last ATH, miners relentlessly dedicate computational power to BTC series. At the moment, the hash rate is going along 250 EH/s After reaching ATH on Wednesday.
Currently, block times (the time interval between each mined block) are faster than the 10-minute average, bitinfocharts.com Show data. Right now, at 9:00 a.m. (Eastern time), the metrics show block times to be around 9:05 minutes, but other dashboards show a much faster rate at 8:49 minutes. With the average Bitcoin block interval between the current high (757,471) and the most recent difficulty era (756,000) at 8:49 minutes, it means BTCThe difficulty of the network is attributed to the remarkable rise. There is a possibility that the October 10 difficulty will be the network’s biggest difficulty this year.
data of btc.com shows an increase of about 9.34%, which will exceed the second largest increase for the network in 2022. If btc.com’s estimate is correct, BTCThe network difficulty will increase from 31.36 trillion to 34.29 trillion. metrics Clark Moody’s Bitcoin dashboard shows that the change in difficulty could be much higher, and at the time of writing, Moody’s dashboard indicates it could be about 13.2% higher than it is today. The Bitcoin network contains almost 400+ blocks until the next retarget.
It is very likely that the hash rate will slow down and increase the block times back to the ten minute range. If so, the hard percentage increase could be much lower even than Btc.com’s estimate of 9% increase. Every two weeks or when 2016 blocks are discovered, the network difficulty adapts to make finding a location more difficult or easier. BTC Based on how quickly the 2016 block was discovered.
If 2016 blocks are found very quickly, the network algorithm adjusts the difficulty higher and if blocks are found at a much slower pace, the difficulty rating can drop. The last major difficulty drop occurred on July 3, 2021, when the difficulty decreased by 27.94% at block height 689,472. This means that it was 27% easier to find a file BTC Support block than before complex 689472.
What do you think about the possibility that Bitcoin mining difficulty will see the biggest jump this year? Tell us what you think about it in the comments section below.
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