Bitcoin’s Hashrate Growth in 2023
As of block height 817,532, about 93.08% of all bitcoins, or roughly 19.5 million BTC, have been mined already. Block times have been consistently shorter than the target average of ten minutes, with the most recent block being processed in just 7 minutes and 37 seconds. Despite the previous difficulty adjustment, Bitcoin’s hashrate continues to climb, hovering around 468 EH/s. This is slightly below the peak of 475 EH/s achieved on November 5, 2023, and given the fast block intervals, an increase in mining difficulty appears likely.
Accelerated Block Production
There are over 22,000 blocks left until the next halving, suggesting it could occur as early as February 2024. However, predictions based on a steady ten-minute block average point to April 20, 2024, as the more likely date. An anticipated 3% jump in difficulty would raise it to 67.68 trillion, posing a significant challenge to miners.
Drivers of Hashrate Growth
The increase in Bitcoin’s hashrate can be linked to several elements, including the introduction of more efficient mining machines and a 120% surge in BTC price since January 2023. During this period, Bitcoin’s hashrate experienced a growth of 207 EH/s, while the difficulty increased from 34.09 trillion to the present 64.68 trillion, reflecting a 79% rise in hashrate and an even more significant increase in difficulty, exceeding 89%.
Hot Take
Bitcoin’s hashrate continues to grow rapidly in 2023 driven by more efficient mining tech and higher prices, fueling a potential increase in mining difficulty. The rapid pace of block production could result in an earlier than anticipated halving, posing a challenge to miners in their quest for block rewards.
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