Bitcoin Network Gears Up for Fourth Surge in Mining Difficulty Amid Record Highs and Unwavering Miners
The Bitcoin network has witnessed a consecutive surge in mining difficulty during the past three retargets, and now a fourth increase is slated for June 27, 2023. The block generation time, averaging less than ten minutes, indicates that the difficulty is projected to climb by an estimated 2.1% to 2.33% based on the latest statistics.
Bitcoin Mining Difficulty Set for Fourth Increase
In just eight days, the Bitcoin network is poised to readjust the difficulty encountered by miners, and once more, an increase is on the horizon. Over the course of three successive adjustments since May 18, 2023, the difficulty has swelled by 8.8%.
Currently standing at an unprecedented 52.35 trillion, the total difficulty has reached an all-time high (ATH). Coinciding with this milestone, the network’s hashrate also hit a new ATH of 516.61 exahash per second (EH/s) on June 11, at block height 793,868.
Throughout the past 2,016 blocks, the hashrate has maintained a steady average of 382.7 EH/s, while over the past 90 days, it settled at approximately 356.2 EH/s. Projections indicate that around June 27, the difficulty is set to experience an estimated boost of 2.1% to 2.33%.
Notably, block intervals have been noticeably shorter, with the current data revealing generation times ranging from eight minutes and 52 seconds to nine minutes and 44 seconds. At this pace, uncovering the remaining 1,278 blocks guarantees an imminent increase in difficulty.
Over the past month, Foundry USA boasts a hashrate share of around 32.22% of the network’s hashrate. Within the span of 30 days, Foundry managed to unearth 1,431 blocks out of a total of 4,442 mined. Recent three-day statistics indicate that Foundry’s hashrate hovers around 103.60 EH/s. Following Foundry’s lead, there’s Antpool, F2pool, Viabtc, Binance Pool, and Luxor Tech, respectively, trailing behind.
Despite the current lower BTC prices and high difficulty, miners have displayed unwavering determination by continuing to bolster their efforts. Notably, research reveals that mining participants are harnessing the industry’s most high-performing application-specific integrated circuit (ASIC) mining rigs available in the market.
What are your thoughts on the resilience of bitcoin miners in the face of increasing difficulty and record-breaking highs? Share your views and opinions about this subject in the comments section below.
