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Bitcoin recorded another increase in mining difficulty on Sunday, October 23, 2022, with block height 760,032 and rising 3.44% higher. This means that not only is it 3.44% harder to find a bitcoin block support, the network’s mining difficulty has also hit another all-time high (ATH) by tapping 36.84 trillion.
This weekend, Bitcoin’s (BTC) mining difficulty jumped 3.44% higher than the high that miners have had in the last two weeks or the last 2016 blocks. The network’s difficulty has hit a lifetime high of 36.84 trillion, after a 3.44% change on Sunday evening (ET).
The increase on Sunday follows the 13.55% increase in Bitcoin’s difficulty recorded on October 10, 2022, at block height 758,016. The 13.55% increase was 2022’s largest Bitcoin difficulty increase, and it took place when BTC’s total hashrate reached an ATH on October 11 2022, in block height 758 138.
On October 11, the network’s hash rate reached 325.11 exahash per second (EH/s) which is equivalent to three hundred and twenty five quintillion one hundred ten quadrillion hashes per second.
As Bitcoin.com News reported on October 21, the network’s hashrate has been oblivious to the lifetime high of difficulty and the lower BTC prices, as Bitcoin’s computational power remains stronger than ever.
Currently, BTC’s hashrate is running at 260 to 275 EH/s. The reason the difficulty increased on Sunday is because the 2016 blocks were mined faster than the two-week average.
Before the shift, BTC’s block time average was Sunday, October 23, 2022 at 5:00 PM (ET) around 8:79 minutes. The October 21 mining update highlighting the network’s hashrate strength noted that block intervals were between 8:30 minutes to 9:35 minutes.
Satoshi’s difficulty benchmark tries to keep block intervals at an average rate of ten minutes per block. If the 2016 blocks between a difficulty target are less than the two-week average, the difficulty will increase and a decrease will occur if it takes too long (more than two weeks) to mine the 2016 blocks.
Currently, the top three bitcoin mining pools Foundry USA, Antpool and F2pool have 60.36% of the global hash rate on Sunday. In the last three days, 444 BTC blocks were mined and Foundry discovered 113 of these blocks.
Antpool caught 90 blocks and F2pool found 65 of the 444 blocks found. 12 known mining pools dedicate SHA256 hashrate to the BTC chain, and 4.05% of the global hashrate belongs to unknown hashpower, otherwise known as stealth miners.
At the time of writing, the USD value of a block subsidy is $122,250, and the next expected mining difficulty retarget is expected on or around November 6, 2022. There are approximately 79,900 blocks left until the next block subsidy halving, which is estimated to occur between February 24, 2024 and April 20, 2024.
What do you think about Bitcoin’s network difficulty reaching an all-time high on Sunday, October 23, 2022? Let us know what you think about this topic in the comments section below.
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