Bitcoin network mining difficulty is set to increase for the first time in over 2 months

0


  • After falling to 69 exahash per second (EH / s) on June 28, Bitcoin’s hashrate slowly increased, peaking at 117 EH / s on Tuesday morning (EDT)
  • Bitcoin’s mining difficulty makes it increasingly difficult for miners to discover blocks, and it has increased by over 6% in the previous era
  • The 12.9 EH / s of hash power that Viabtc applies to the chain represents 11.46% of the hash of the network. F2pool (10.83%) is the fourth largest miner, while Foundry USA is the fifth largest miner (9.79%).

After falling to 69 exahash per second (EH / s) on June 28, Bitcoin’s hashrate slowly increased, peaking at 117 EH / s on Tuesday morning (EDT). The increase in hash power is expected to result in the largest growth in difficulties in 89 days, with a 7.39% increase expected in two days, according to current projections.

Bitcoin mining difficulty is expected to exceed 7.3% in just over two days, as the total hashrate of the crypto asset has increased significantly. Bitcoin’s hashrate has risen 69.56% since June 28 and continues to rise as market values ​​rise. Bitcoin’s hashrate peaked at 130 EH / s on July 15, and it has hovered slightly below that level for the previous 25 days, with occasional attempts to breach.

– Advertising –

Bitcoin’s mining difficulty makes it increasingly difficult for miners to find blocks, and it has increased by over 6% in the previous era. The biggest hike since then happened on May 13, 2021, when the difficulty increased by 21.53%.

The next change in difficulty is estimated to be around 7.39%, although it may increase if the hashrate continues to climb. This indicates that in two days the difficulty will be about 13.39% higher than it was a month ago. BTC mining difficulty is $ 14.50 trillion at the time of writing, and it is expected to be around $ 15.57 trillion after the next difficulty change. The difficulty adjustment will be the largest since January 9, 2021, with the exception of the May 13 change. While the difficulty makes it harder to locate BTC blocks, it can fluctuate depending on the amount of hashrate spent on the blockchain.

Antpool is BTC’s biggest miner on Monday, with 17.71% of the total hashrate. Antpool leads the pack with nearly 20 EH / s dedicated to the Bitcoin blockchain (BTC), followed by Poolin with 15.12 EH / s. Poolin now holds more than 13% of the hash power of the network, while Viabtc is in third place with more than 15 exahash.

The 12.9 EH / s of hash power that Viabtc applies to the chain represents 11.46% of the hash of the network. F2pool (10.83%) is the fourth largest miner, while Foundry USA is the fifth largest miner (9.79%). Unknown hash miners or stealths continue to control a significant portion of the world’s hash power, accounting for 9.17% of total hash power today, or 10.9 EH / s.

There are around 1,006 days until the next block reward halving, on August 10, 2021, and it’s likely that miners will be working hard to harness as much hash power as possible by then. After halving, the block reward of 6.25 BTC will be reduced to 3.125 coins for each block. Regardless of the speed of the hash rate, around 144 blocks are discovered every day and the annual BTC inflation rate is only 1.76%. The next difficulty retarget is at 386 BTC blocks at the time of writing, and given current network speed and market prices, it looks like miners are on the verge of a back-to-back series of hardships.


Share.

Comments are closed.