Bitcoin Mining Difficulty Reaches Unprecedented Highs Amidst Challenging Market Conditions

On Wednesday, June 14, 2023, at block peak 794,304, the Bitcoin community recorded its third consecutive mining problem enhance since Could 18. The mining problem climbed by 2.18%, bringing the general problem to a different unprecedented excessive at 52.35 trillion.

Bitcoin Mining Problem Hits All-Time Excessive Amidst Value Dip

Bitcoin’s mining problem skilled yet one more surge on Wednesday morning at 7:27 a.m. (ET), rising by 2.18% and making it much more difficult for bitcoin miners to uncover blocks. Earlier than this modification, the previous 2,016 blocks had a mean hashrate of roughly 374.5 exahash per second (EH/s).

Bitcoin problem on June 14, 2023.

Presently, the hashrate is cruising at 329 EH/s; nonetheless, on June 11, 2023, the community notched one other 24-hour all-time excessive of 516.61 EH/s at block peak 793,868. The newest spike in problem has additionally propelled it to a record-breaking excessive of 52.35 trillion. During the last six weeks, miners have grappled with three consecutive will increase and an total enhance of 8.8% since Could 18, 2023.

However, BTC costs have dipped over the past two weeks, which coupled with the heightened problem, makes it much more formidable for mining individuals. Regardless of these current hurdles, block intervals stay under ten minutes in size and noticed a record-breaking hashrate simply three days in the past.

As of this writing, Foundry USA leads as the highest mining pool with a hashrate of 131.40 EH/s for the previous three days, or about 34.20% of the overall hashrate. Antpool follows in second place with a hashrate of roughly 90.34 EH/s or roughly 23.52% of the worldwide share. Foundry and Antpool are succeeded by F2pool, Binance Pool, and Viabtc.

The following problem retarget is scheduled after the invention of two,016 blocks, possible occurring round June 28, 2023. Up to now, the final two problem will increase haven’t dampened miners’ dedication, and the latest uptick will additional put their resilience to the check.

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