Bitcoin Network Difficulty Reaches New Peak
On October 3, 2023, the Bitcoin network saw its difficulty increase for the second time in a row since September 19. The difficulty level reached a new high of 57.32 trillion, rising by 0.35%.
Miners Face Heightened Difficulty
Following the recent rise at block height 810,432, Bitcoin miners now face a greater level of difficulty. The difficulty rating of 57.32 trillion indicates the increased effort required to generate new blocks on the network.
How Difficulty Adjustments Work
The Bitcoin network adjusts its difficulty every two weeks or after mining approximately 2,016 blocks. If more miners join and contribute computing power, leading to faster block mining, the difficulty will rise. Conversely, if miners exit and block mining takes longer than two weeks, the difficulty will decrease.
The Challenge for Miners
A difficulty level of 57.32 trillion poses a significant challenge for miners trying to discover blocks. They must create a hash using the block’s data and aim to find a hash lower than the current target value determined by the network’s difficulty.
Miners Remain Undeterred
Despite the increased difficulty, Bitcoin miners have not been discouraged. The hashrate remains above 400 exahash per second (EH/s), as reported by Bitcoin.com News. As of October 3rd, the seven-day moving average for hashpower is 412 EH/s.
Future Expectations
While the current increase in difficulty may not deter miners over the next two weeks, another increase could be on the horizon. The next adjustment is expected to occur around October 17, 2023.
Hot Take: Miners Brave Increasing Difficulty in Pursuit of Bitcoin Rewards
Bitcoin miners are facing a significant challenge as the network’s difficulty reaches new heights. With the recent increase of 0.35%, miners must put in extra effort to uncover block rewards. Despite this, miners remain undeterred, as evidenced by the sustained hashrate above 400 EH/s. As the difficulty continues to rise, it will be interesting to see how miners adapt and overcome these obstacles to secure Bitcoin rewards.
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.