Bitcoin Difficulty Reaches All-Time High
As of September 19, 2023, the Bitcoin blockchain has experienced a significant increase in difficulty, with a rise of 5.48% at block 808,416. This comes after a previous drop of 2.65% at block 806,400 on September 5. With the difficulty now set at a staggering 57.12 trillion, it poses the most challenging period for bitcoin mining thus far.
Hashrate Remains Elevated
Following the surge to 57 trillion, the hashrate has continued to stay high, resulting in current block times averaging nine minutes and 33 seconds.
Over the past month, the hashrate’s 30-day simple moving average (SMA) stood at 402 exahash per second (EH/s). The seven-day SMA reports 432 EH/s, while the three-day SMA peaked at 461 EH/s.
Record-Breaking Hashrate
The network achieved a new milestone with a rapid climb to 538.88 EH/s at block 807,830 on September 15. Currently, the hashrate hovers around 425.16 EH/s, with approximately 42 entities contributing SHA256 hashrate to the network.
Leading Mining Pools
The Foundry USA mining pool takes the lead with a contribution of 123.92 EH/s, accounting for 29.19% of the total hashrate over the last three days. Antpool follows closely with a contribution of 95.25 EH/s or 22.44%, while F2pool contributes 57.33 EH/s or 13.51% as of Tuesday.
Hot Take: Bitcoin Mining Faces Increasing Difficulty
Bitcoin mining has become more challenging than ever with the recent surge in difficulty. The rising hashrate and record-breaking numbers indicate a growing interest and investment in bitcoin mining. As the network continues to evolve, miners must adapt to the increasing demands and competition. With the current trends, it is clear that bitcoin mining remains a highly competitive and lucrative industry for those willing to invest in the necessary resources and technologies.
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.