Bitcoin’s Difficulty Surges to 61 Trillion
In a remarkable feat, Bitcoin’s difficulty reached an all-time high of 61.03 trillion at block height 812,448 on October 16, 2023. This marked the fourth-largest increase in difficulty for the year. Despite this significant rise, the hashrate has continued to steadily rise without wavering.
Bitcoin’s Difficulty Spikes and Miners Persist
Following consecutive hikes on September 19 (5.48%) and October 3 (0.35%), Bitcoin’s difficulty skyrocketed by 6.47% on Monday, bringing it to an unprecedented level. Despite these challenges, the hashrate remains close to its peak, matching the high recorded on October 12, 2023. As of Tuesday, October 17, the hashrate stands at 444 exahash per second (EH/s).
Mining Coalitions and Hashrate Distribution
There are currently around 42 mining coalitions contributing their hashrate to the Bitcoin network. The top five coalitions include Foundry USA, Antpool, Viabtc, F2pool, and Binance Pool. Over the past three days, Foundry has taken the lead with a contribution of 133.25 EH/s (30.15% of the total hashrate), followed by Antpool with 116.95 EH/s (26.46% of the total hashrate).
Anticipated Shift in Difficulty and Block Intervals
The next expected change in difficulty is scheduled for October 29, 2023, after approximately 1,800 blocks have been discovered. It is worth noting that block intervals have consistently been shorter than the usual ten-minute mark, ranging between 9 minutes and 13 seconds to 9 minutes and 37 seconds.
Potential Future Increase in Difficulty
Based on current block times and the ongoing hashrate strength, it is possible that another difficulty hike may occur if block durations continue to remain below ten minutes. Projections suggest a potential increase ranging from 0.18% to 4.2%.
Hot Take: Bitcoin’s Difficulty Reaches New Heights as Hashrate Persists
Despite Bitcoin’s difficulty surging to a record-breaking level, the hashrate continues its unwavering march forward. This impressive feat demonstrates the network’s robustness and resilience, highlighting the dedication of miners who contribute their computational power. As Bitcoin’s mining landscape evolves, it will be interesting to observe how miners adapt and maintain the network’s stability in the face of increasing difficulty.
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