Skip to main content

Bitcoin’s Mining Difficulty Jumps 3.44% Higher Reaching Another Lifetime High

Bitcoin’s Mining Difficulty Jumps 3.44% Higher Reaching Another Lifetime High

Bitcoin recorded another mining difficulty rise on Sunday, October 23, 2022, at block height 760,032 rising 3.44% higher. This means that not only is it 3.44% harder to find a bitcoin block subsidy, the network’s mining difficulty has also reached another all-time high (ATH) by tapping 36.84 trillion.

Bitcoin’s Mining Difficulty Adjusts Upwards by 3.44%, Now at 36.84 Trillion

This weekend, Bitcoin’s (BTC) mining difficulty jumped 3.44% higher than the height miners dealt with during the past two weeks or the last 2,016 blocks. The network’s difficulty has reached a lifetime high at 36.84 trillion, following the 3.44% shift on Sunday evening (ET).

The rise on Sunday follows the 13.55% increase Bitcoin’s difficulty recorded on October 10, 2022, at block height 758,016. The 13.55% increase was 2022’s largest Bitcoin difficulty rise, and it took place as BTC’s total hashrate reached an ATH on October 11, 2022, at block height 758,138.

On October 11, the network’s hashrate reached 325.11 exahash per second (EH/s) which equates to three hundred twenty-five quintillion one hundred ten quadrillion hashes per second.

As Bitcoin.com News reported on October 21, the network’s hashrate has been oblivious to the difficulty’s lifetime high and the lower BTC prices, as Bitcoin’s computational power remains stronger than ever.

Currently, BTC’s hashrate is coasting along at 260 to 275 EH/s. The reason why the difficulty increased on Sunday is because the 2,016 blocks were mined faster than the two-week average.

Prior to the shift, BTC’s block time average on Sunday, October 23, 2022, at 5 p.m. (ET) was around 8:79 minutes. The October 21 mining update that highlights the network’s hashrate strength noted that block intervals were between 8:30 minutes to 9:35 minutes.

Satoshi’s difficulty retargets attempt to keep block intervals at an average rate of ten minutes per block. If the 2,016 blocks in between a difficulty retarget is less than the two-week average, then the difficulty will rise and a decrease will occur if it takes too long (more than two weeks) to mine the 2,016 blocks.

Currently, the top three bitcoin mining pools Foundry USA, Antpool, and F2pool command 60.36% of the global hashrate on Sunday. During the last three days, 444 BTC blocks were mined into existence and Foundry discovered 113 of those blocks.

Antpool captured 90 blocks and F2pool found 65 of the 444 blocks found. 12 known mining pools are dedicating SHA256 hashrate toward the BTC chain, and 4.05% of the global hashrate belongs to unknown hashpower, otherwise known as stealth miners.

At the time of writing a block subsidy’s USD value is $122,250, and the next expected mining difficulty retarget is due on or around November 6, 2022. There’s roughly 79,900 blocks left until the next block subsidy halving which is estimated to occur between February 24, 2024 and April 20, 2024.

What do you think about Bitcoin’s network difficulty reaching an all-time high on Sunday, October 23, 2022? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/k6P4gxG

Comments

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...