The Bitcoin network is gearing up for its fourth consecutive increase in mining difficulty, set to take place on June 27, 2023. With a surge in difficulty over the past three retargets, the upcoming adjustment is expected to further raise the bar. In this article, we delve into the latest statistics, explore the impact on miners and the market, and uncover the strategies employed by miners to tackle the challenges. Join us as we navigate the dynamic world of Bitcoin mining.
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%.
The Unprecedented Milestones
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.
Steady Hashrate and Projections
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%.
Shorter Block Intervals and Impending Increase
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.
Leading Hashrate Shares and Top Mining Pools
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.
Miners’ Determination and High-Performing ASIC Rigs
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.
As the Bitcoin network gears up for its fourth increase in mining difficulty, the statistics and projections indicate a steady rise in the overall difficulty level. Miners and mining pools have been working diligently to navigate the challenges posed by higher difficulty, showcasing their commitment to the network’s security and decentralization. With the utilization of advanced ASIC mining rigs, miners are striving to maintain their competitive edge in the evolving landscape of Bitcoin mining. The upcoming adjustment on June 27 will undoubtedly shape the future of Bitcoin mining, and industry participants eagerly await the impact it will have on the market.
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