Miners Experience a Slight Increase in Bitcoin Mining Difficulty
Bitcoin’s mining difficulty has seen a slight increase recently, posing a greater challenge for miners. Here are the key points:
- The mining difficulty rose by 0.12% on August 9, 2023, at block height 802,368, following a 2.94% decrease two weeks earlier at block height 800,352.
- The current mining difficulty is 52.39 trillion, requiring miners to perform extensive computational work to find a valid hash.
- Bitcoin’s mining difficulty has changed 397 times since its inception at block height 2,016.
- As of August 9, 2023, the network hashrate is 380.33 EH/s, with Foundry USA leading the mining pool with 107.54 EH/s (28.28% of the total hashrate).
- The next difficulty change is scheduled for Wednesday, August 23, 2023, with block times averaging around 11 minutes.
Based on recent statistics, if block intervals consistently remain around eight minutes before the upcoming difficulty change, the difficulty will be increased to maintain the target block times of ten minutes.
Hot Take
Bitcoin mining continues to be a competitive and ever-evolving process. With the recent increase in mining difficulty, miners will need to allocate more computational power and energy to stay competitive and successfully mine new blocks. This highlights the ongoing need for efficient mining hardware and strategies in the crypto industry.
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