Bitcoin Network Sees Simultaneous Surge in Hashrate and Difficulty as 93% of Supply Mined

Bitcoin Network Sees Simultaneous Surge in Hashrate and Difficulty as 93% of Supply Mined

BTC’s Hashrate Growth in 2023

As of block height 817,532, about 93.08% of all bitcoins, or approximately 19.5 Million BTC, have been mined already. Block times have been consistently shorter than the target average of 10 minutes, with the most up-to-date block being processed in just 7 minutes and 37 seconds. Regardless of the previous difficulty adjustment, BTC’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.

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Accelerated Block Production

There are over 22,000 blocks left until the next halving, suggesting it might occur as early as February 2024. Nonetheless, 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 whole lot of challenge to miners.

Drivers of Hashrate Growth

The increase in BTC’s hashrate can be linked to plenty of elements, including the introduction of more efficient mining machines and a 120% surge in Bitcoin price since January 2023. During this period, BTC’s hashrate experienced a growth of 207 EH/s, while the difficulty increased from 34.09 trillion to the current 64.68 trillion, reflecting a 79% rise in hashrate and an even more whole lot of increase in difficulty, exceeding 89%.

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Hot Take

BTC’s hashrate continues  to grow rapidly in 2023 driven by more efficient mining tech and higher prices, fueling a probable 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.

Author – Contributor at | Website

Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.

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