Skip to main content

While Miners Deal With Low BTC Prices, Bitcoin’s Mining Difficulty Target Expected to Increase 3% Higher

Bitcoin’s mining difficulty target is expected to increase on Dec. 19, 2022, after printing the largest reduction recorded in 2022 on Dec. 5, at block height 766,080. During the last 2,016 blocks, Bitcoin’s hashrate has been around 254.3 exahash per second (EH/s), and block intervals have been faster at 9:41 minutes per block.

Bitcoin’s Difficulty Expected to Jump 3% Higher on Dec. 19, Bitcoin Average Mining Costs Are Higher Than the Current Spot Market Value

In roughly 24 hours, the Bitcoin network will experience another difficulty transition, and this time around it is estimated to increase. The increase is estimated to be around 3.2% to 3.76% higher than the current 34.24 trillion value. The rise would lift the 34.24 trillion to around 35.53 trillion on or around Dec. 19, 2022.

Data shows that while the network’s difficulty is increasing, BTC’s hashrate has been lower than the month prior. Bitcoin’s hashrate did tap a high of 316 EH/s on Dec. 1, 2022. The average block time or block interval is between 9:41 minutes per block to roughly 10:43 minutes per block.

The estimated 3% change is occurring after the last difficulty change which saw a reduction of around 7.32% on Dec. 5, at block height 766,080. The network’s mining difficulty retarget on that day was the largest recorded decrease in 2022. If the estimated increase occurs on Dec. 19, 2022, roughly 3% of the most recent reduction will be erased making it more difficult for miners to find a BTC block.

During the past three days, Foundry USA has been the Bitcoin network’s top mining pool with 27.05% of the overall hashrate or 66.59 EH/s. Foundry is followed by Antpool (53.51 EH/s), F2pool (35.08 EH/s), Binance Pool (31.51 EH/s), and Viabtc (22 EH/s) respectively. 414 block rewards were discovered during the last three days and the top five aforementioned mining pools discovered 351 of those blocks.

On Dec. 17, macromicro.me stats show bitcoin average mining costs based on metrics from Cambridge University, indicating that the cost is around $19,806, and BTC’s price on Dec. 18, is around $16,700 per bitcoin.

What do you think about Bitcoin’s upcoming difficulty retarget on Dec. 19? What do you think about the pressure bitcoin miners are feeling these days from low bitcoin prices? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/Nk7nGUs
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more