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The Bitcoin network will register a meaningful increase in difficulty on Sunday, January 29, 2023, as current forecasts predict it will climb 3.82% higher. The changes follow the last difficulty retargeting, which rose 10.26% to the current all-time high of 37.59 trillion.
Block Time Breakdown: How Quickly Invention Affects Bitcoin Hardship
In just one day’s time, the Bitcoin network will experience an increase in difficulty of about 3.82%, according to current estimates. Currently, mining difficulty has reached an all-time high (ATH) at 37.59 trillion, and with a spike of 3.82%, it is estimated to be around 39.03 trillion. The number of hashes needed to mine a block is directly proportional to the difficulty level, meaning each participating miner would have to commit 39.03 trillion hashes to mine a block at that level.
The average Bitcoin block time is around 8:54 minutes to 9:31 minutes, which is lower than the 10-minute average. This is also related linearly to the forecast increase expected on January 29.
This is because while blocks were found faster than the 10-minute average, 2,016 blocks between difficulty reset targets were also found faster than the two-week average. As a result, the mining difficulty of the Bitcoin protocol increases. With a higher BTC price, more hashrate is dedicated to the blockchain.
Bitcoin hashrate is running high with an average of 278.2 exahash per second (EH/s) over the last 2,016 blocks. Foundry USA leads the way in terms of mining pools with the most dedicated SHA256 hashrate. Foundry has about 93.82 EH/s, over a three day period, which accounts for 32.99% of the network’s computing power. Bitcoin mining pool Antpool has dedicated 49.57 EH/s to the Bitcoin network over the span of three days, accounting for 17.43% of hash power.
What impact do you think this increase in difficulty will have on the entire Bitcoin network and its miners? Share your thoughts in the comments below.
Source: Bitcoin.com
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