en en nl en en en en en nl en en en en en en en en ru en en en en en en en en en en en en en en en en pl en en en en en en es es es tr fr en en en en en en en en en en en en en en en fa en en en en en en en en en fr en zh en en en war en en en en en en en en en en es en nl en en en en en en en en en en en en en en en en en en en en en nl en war en en en en en en en en en en nl en en en en en en en en eu en en en en en en en en en en vi sv en ms zh es ru en eu fi zh es zh de eu es nb en ar sl sv en nl en en en en en lt en en en en en en en en en en en en en en en en en en en en en en en en en en en en fa en en en en en en en en en en en en en en en en en en en en en en en en
Bitcoin’s Mining Difficulty Change Prints 2022’s Second Largest Increase — Metric Nears All-Time High – CryptoScoop
Your window into the world of crypto
Read Time:2 Minute, 39 Second
On Wednesday, Bitcoin’s mining difficulty jumped 9.26% higher, recording the second highest difficulty rise in 2022. The latest rise is Bitcoin’s third difficulty increase since August 4, 2022, and it’s now 11.63% harder to find bitcoin block reward. Bitcoin Difficulty Jumps 9.26% — Metric Prints the Second Largest Rise This Year Bitcoin (BTC) has experienced […]
Bitcoin (BTC) has experienced the third difficulty increase this month as the difficulty increased by 9.26% on August 31. The difficulty change took place at block height 751,968, and the 9.26% jump is the second biggest this year. The largest rise in 2022 took place 223 days ago on January 20, 2022, at block height 719,712.
Currently, the difficulty is 30.98 trillion, which is only 0.27 below the network difficulty’s all-time high (ATH) at 31.25 trillion on May 10, 2022. With bitcoin’s lower USD value and a 9.26% difficulty increase, miners have been dealt a blow. In fact, the last three difficulty increases have made it 11.63% harder to find a bitcoin block reward prior to August 4.
On August 4, at block height 747,936, Bitcoin’s mining difficulty rose by 1.74% and two weeks later, it increased again by 0.63%. Five days ago, Bitcoin.com News reported on the community discussing the possibility of the difficulty seeing a notable rise. On August 25, Blocksbridge Consulting tweeted that it was expecting “a notable difficulty jump.”
Furthermore, during that same week, Bitcoin’s hashrate spiked to 282.21 exahash per second (EH/s). The hashrate was roughly 3.35% lower than the all-time high (ATH) recorded on June 8, 2022, at block height 739,928. At the time of writing, Bitcoin’s hashrate is coasting along at 236.33 EH/s.
The difficulty rise and the lower BTC value has not affected miners yet as the hashrate continues to run at elevated speeds. The difficulty increases when 2,016 bitcoin block rewards are discovered ‘too fast,’ and the metric decreases when the block discovery time or interval is ‘too slow.’
Average Block Interval and Current Hashrate Speed Show Another Increase Is Likely in the Cards
Satoshi Nakamoto’s design makes it so roughly every ten minutes, a new BTC block is found as the DAA system is modeled by a Poisson distribution scheme. The average block interval at the time of writing is 7:59 minutes, which means if the next 2,016 bitcoin block rewards are discovered ‘too fast,’ the next difficulty is estimated to increase again.
There are roughly 1,964 BTC block rewards left until the next difficulty shift and it is estimated to take place on September 12, 2022. If the rise is higher on that day, there’s a great possibility that the network’s difficulty could very well surpass the ATH recorded 113 days ago on May 10, 2022.
What do you think about the latest difficulty change? Let us know what you think about this subject in the comments section below.
Leave a Reply Cancel reply
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Celsius CEO Alex Mashinsky Resigns Amid Tumultuous Bankruptcy Proceedings
On Tuesday, September 27, 2022, Celsius Network CEO Alex Mashinsky submitted a letter of resignation from the company. Mashinsky added that he still plans to help the embattled crypto lender “achieve a successful reorganization.” Alex Mashinsky Resigns From Embattled Celsius — Founder Apologizes for the ‘Difficult Financial Circumstances’ After Celsius paused withdrawals on June 12, […]
$4 billion distressed loans
Bitdeer Sets Up $250M Fund to Acquire Assets From Financially Distressed Bitcoin Miners
The Terra Classic (LUNC) Burn Mechanism is Incorporated by Binance
Bitcoin, Ethereum Technical Analysis: BTC Back Above $20,000 as Bulls Return to Crypto Markets
Cambridge Centre for Alternative Finance
less efficient mining rigs
Research Finds Bitcoin Mining Equates to 0.10% of Global Greenhouse Gas Emissions
Your window into the world of crypto
Copyright © 2022 CryptoScoop Copyright All rights reserved
Theme: True News By Themeinwp. Powered by WordPress.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.