Current Block Times and Estimates Suggest Bitcoin’s Mining Difficulty Is About to Catapult Much Higher

Current Block Times and Estimates Suggest Bitcoin Mining Difficulty Is About to Jump Much Higher – Bitcoin Mining News

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.

Current block estimations and times suggest that Bitcoin mining difficulty is about to jump much higher

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.

Current block estimations and times suggest that Bitcoin mining difficulty is about to jump much higher

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.

Tags in this story

13.2%, 2016 Blocks, 34.29 Trillion, 9, All-time High, ATH, Bitcoin Mining, Bitcoin Network, Ban Periods, Block Times, Blocks, BTC Mining, BTC.com, Clark Moody’s Bitcoin Dashboard, Computational Power, Speed ​​of Discovery , Hashpower, Hashrate, hashrate ATH, Jul 3, 2021, Biggest Leap, Miners, Mining, Oct 10, 2022, Oct 5, 2022, Speed

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.

Jimmy Redman

Jamie Redman is the head of news at Bitcoin.com News and a technology financial journalist based 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.




photo credits: Shutterstock, Pixabay, Wikicommons

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 It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, 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.


#Current #Block #Times #Estimates #Suggest #Bitcoin #Mining #Difficulty #Jump #Higher #Bitcoin #Mining #News

Leave a Comment

Your email address will not be published. Required fields are marked *