Rising Bitcoin Mining Difficulty Signals Resilience and Growth in the Network
The Bitcoin network has seen a consecutive surge in mining difficulty, with a fourth increase scheduled for June 27, 2023.
These adjustments, along with a block generation time averaging under ten minutes, indicate an estimated 2.1% to 2.33% climb in difficulty.
With the total difficulty reaching an all-time high of 52.35 trillion, the network’s hashrate also hit a record ATH of 516.61 exahash per second (EH/s) on June 11. Over the past 2,016 blocks, the hashrate has maintained a steady average of 382.7 EH/s, signaling positive network performance.
Projections indicate a forthcoming boost in difficulty by 2.1% to 2.33% around June 27, ensuring continued network robustness. Block intervals have become noticeably shorter, further indicating an imminent increase in difficulty.
Foundry USA leads the way in hashrate share with 32.22% of the network’s hashrate, unearthing 1,431 blocks in the past month. Other prominent mining pools like Antpool, F2pool, Viabtc, Binance Pool, and Luxor Tech closely follow.
Despite lower BTC prices and high difficulty, miners persistently enhance their efforts. They leverage industry-leading ASIC mining rigs, showcasing their unwavering determination and commitment to the network’s success.
In summary, the Bitcoin network’s increasing mining difficulty, combined with record-breaking hashrates and shorter block intervals, paints a positive outlook for miners and the overall network performance.
Clever Robot News Desk 20th June 2023
