Record-Breaking Bitcoin Difficulty Increase Imminent
Hey there, fellow Lolacoin readers! We’ve got some news for you about Bitcoin mining that you don’t wanna miss. Brace yourselves, because there’s some good news and some not-so-good news. Let’s break it down for you:
- The next Bitcoin mining difficulty adjustment is scheduled for July 12, 2023.
- During the previous adjustment, the mining difficulty dropped by 3.26%, but get ready for a change in fortune.
- The block intervals have been consistently shorter than the ten-minute average, which means the difficulty is expected to increase by 4.74% to 7.7%.
- On July 9, the average block time ranged from 8 minutes and 2 seconds to 9 minutes and 18 seconds per block.
- The total hashrate reached a 24-hour record high at 538.05 EH/s on July 8.
So, what does all of this mean? Well, the increase in difficulty will eliminate the decline we saw on June 28 and push the overall network difficulty to another record-setting high. It’s gonna be tough for miners, that’s for sure.
But don’t worry, there are some reasons behind this increase in hashrate. First, BTC has spiked by 80% against the U.S. dollar in the first half of 2023, making mining BTC even more profitable. Second, the introduction of next-generation ASIC mining rigs has boosted the hashrate and efficiency. And lastly, mining operations that survived the ‘Crypto Winter’ have expanded their activities by acquiring new facilities and deploying more BTC miners.
Hot Take:
Bitcoin mining is about to get even more challenging, my friends. The record-breaking difficulty increase is a sign of the growing popularity and profitability of BTC, but it also means miners will have to work harder to uncover those precious BTC blocks. So, gear up and get ready for the ride!
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