Bitcoin Mining Difficulty Hits All-Time High Amidst Market Volatility

The Bitcoin network continues to make waves in the cryptocurrency industry as it achieves yet another milestone. On Wednesday, June 14, 2023, at block height 794,304, Bitcoin recorded its third consecutive mining difficulty increase since May 18. This surge resulted in a staggering 2.18% climb in mining difficulty, bringing the overall difficulty to an unprecedented high of 52.35 trillion.

Bitcoin Mining Difficulty Surges, Posing Challenges for Miners

Bitcoin’s mining difficulty experienced a significant surge on Wednesday morning at 7:27 a.m. (ET). The increase of 2.18% has further intensified the challenge for Bitcoin miners who aim to uncover blocks. Prior to this adjustment, the average hashrate for the preceding 2,016 blocks stood at approximately 374.5 exahash per second (EH/s).

Bitcoin Difficulty on June 14, 2023

As of now, the hashrate cruises at 329 EH/s. However, just a few days ago, on June 11, 2023, the network reached a 24-hour all-time high of 516.61 EH/s at block height 793,868. This recent spike in difficulty has propelled it to an extraordinary record-breaking high of 52.35 trillion. Over the past six weeks, miners have faced the challenge of three consecutive increases, culminating in an overall surge of 8.8% since May 18, 2023.

Price Dip Compounds Mining Difficulty

Despite the recent increase in mining difficulty, Bitcoin prices have experienced a dip in the last two weeks. This decline, combined with the heightened difficulty, has created a more formidable environment for mining participants. Nevertheless, block intervals remain below ten minutes in length, and the network witnessed a remarkable hashrate just three days ago.

Mining Pool Rankings and Notable Players

At present, Foundry USA leads as the top mining pool with a hashrate of 131.40 EH/s over the past three days, representing about 34.20% of the total hashrate. Antpool follows closely in second place with a hashrate of approximately 90.34 EH/s, accounting for roughly 23.52% of the global share. Foundry and Antpool are trailed by F2pool, Binance Pool, and Viabtc, each making their mark in the competitive mining landscape.

Looking Ahead: The Next Difficulty Retarget

The next difficulty retarget is scheduled to occur after the discovery of 2,016 blocks, which is likely to take place around June 28, 2023. So far, the previous two difficulty increases have not dampened miners’ determination, and the latest surge will further test their resilience and commitment to the Bitcoin network.

Conclusion

In conclusion, the Bitcoin network continues to demonstrate its strength and resilience as it achieves remarkable milestones in mining difficulty. Despite market fluctuations and recent price dips, miners remain dedicated to the network’s success. The next difficulty adjustment will be a crucial test, highlighting the perseverance and adaptability of Bitcoin miners in the ever-evolving world of cryptocurrency.

For more articles visit: Cryptotechnews24

Source: news.bitcoin.com

Crypto Tech News 24

Latest Posts