Bitcoin Miners Contend With Fifth Network Difficulty Increase of 2023

0 6

Bitcoin Miners Contend With Fifth Network Difficulty Increase of 2023

knife

Bitcoin miners are contending with the fifth network difficulty increase since February 24, 2023, following a 1.72% rise on April 20 at block height 786,240. The network’s difficulty now stands at 48.71 trillion, marking a 22.62% increase over the last 55 days since block height 778,176.

Bitcoin’s Difficulty Has Risen More Than 22% Since Block Height 778,176


In less than two months, Bitcoin’s difficulty surged by over 22% and reached an all-time high on Thursday, April 20. The current difficulty of 48.71 trillion implies an exceptionally high average hash rate necessary for mining a new block. Specifically, a miner would need an average hashrate of 48.71 trillion hashes per second to stand a chance of mining a BTC block and earning the associated rewards and transaction fees.

Bitcoin Miners Contend With Fifth Network Difficulty Increase of 2023

As of now, the network’s hashrate hovers around 352.99 exahash per second (EH/s). According to coinwarz.com data, the hashrate peaked at 440.80 EH/s on April 18 at block height 786,013. At present, with a hashrate of 352.99 EH/s, bitcoin mining pool Foundry USA dominates with 116.49 EH/s or 32.96% of the global hashrate. The top five bitcoin mining pool rankings include Antpool (79.74 EH/s), F2pool (50.82 EH/s), Binance Pool (36.74 EH/s), and Viabtc (28.93 EH/s).

In comparison to 2022, miners have had a better year in terms of BTC prices in 2023. However, BTC dipped below the $29K mark on April 20 after nearing $31K six days earlier on April 14. Over the past week, BTC has lost 3.8% in value but still holds a monthly gain of 3%. Lower BTC prices strain bitcoin miners, and the consecutive increases in difficulty don’t help either. The next anticipated difficulty adjustment for the Bitcoin network falls around May 4, 2023.



Current data indicates that block intervals have slowed beyond the average ten-minute duration, with times ranging from ten minutes and 36 seconds to eleven minutes and 23 seconds per block. Based on block intervals and existing difficulty levels, estimates predict the next adjustment could be a downward change. Currently, over 1,900 blocks remain to be discovered before the next Bitcoin network difficulty adjustment, and more than 53,000 blocks stand between now and the next halving event scheduled for around April 20, 2024.

What are your thoughts on the continuous rise in Bitcoin’s network difficulty and its impact on the mining industry? Do you think we will see more miners dropping out, or will new miners join the race to keep up with the increasing difficulty? Share your insights in the comments below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 51,099.69
ethereum
Ethereum (ETH) $ 3,056.93
tether
Tether (USDT) $ 0.999673
bnb
BNB (BNB) $ 390.68
solana
Solana (SOL) $ 101.27
staked-ether
Lido Staked Ether (STETH) $ 3,054.49
xrp
XRP (XRP) $ 0.533129
usd-coin
USDC (USDC) $ 0.999442
cardano
Cardano (ADA) $ 0.578581
avalanche-2
Avalanche (AVAX) $ 36.60
tron
TRON (TRX) $ 0.137864
dogecoin
Dogecoin (DOGE) $ 0.084503
chainlink
Chainlink (LINK) $ 18.23
polkadot
Polkadot (DOT) $ 7.64
matic-network
Polygon (MATIC) $ 0.989753
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 51,194.72
uniswap
Uniswap (UNI) $ 10.55
the-open-network
Toncoin (TON) $ 2.11
internet-computer
Internet Computer (ICP) $ 12.20
shiba-inu
Shiba Inu (SHIB) $ 0.00001
bitcoin-cash
Bitcoin Cash (BCH) $ 263.38
litecoin
Litecoin (LTC) $ 69.54
dai
Dai (DAI) $ 0.998981
immutable-x
Immutable (IMX) $ 3.17
filecoin
Filecoin (FIL) $ 7.85
cosmos
Cosmos Hub (ATOM) $ 10.44
near
NEAR Protocol (NEAR) $ 3.76
leo-token
LEO Token (LEO) $ 4.15
ethereum-classic
Ethereum Classic (ETC) $ 26.70
bittensor
Bittensor (TAO) $ 592.48
kaspa
Kaspa (KAS) $ 0.161882
blockstack
Stacks (STX) $ 2.47
vechain
VeChain (VET) $ 0.048853
hedera-hashgraph
Hedera (HBAR) $ 0.104397
optimism
Optimism (OP) $ 3.67
aptos
Aptos (APT) $ 9.41
first-digital-usd
First Digital USD (FDUSD) $ 0.999102
stellar
Stellar (XLM) $ 0.114474
injective-protocol
Injective (INJ) $ 35.63
lido-dao
Lido DAO (LDO) $ 3.35
okb
OKB (OKB) $ 49.89
mantle
Mantle (MNT) $ 0.886222
celestia
Celestia (TIA) $ 16.51
the-graph
The Graph (GRT) $ 0.290082
render-token
Render (RNDR) $ 7.11
crypto-com-chain
Cronos (CRO) $ 0.092924
monero
Monero (XMR) $ 128.43
arbitrum
Arbitrum (ARB) $ 1.82
sei-network
Sei (SEI) $ 0.794941
maker
Maker (MKR) $ 2,065.04
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,359.70
sui
Sui (SUI) $ 1.59
beam-2
Beam (BEAM) $ 0.032013
thorchain
THORChain (RUNE) $ 5.40
flare-networks
Flare (FLR) $ 0.046417
algorand
Algorand (ALGO) $ 0.1991
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,098.09
elrond-erd-2
MultiversX (EGLD) $ 57.80
quant-network
Quant (QNT) $ 104.81
flow
Flow (FLOW) $ 0.996539
aave
Aave (AAVE) $ 99.78
dydx-chain
dYdX (DYDX) $ 3.42
bitcoin-sv
Bitcoin SV (BSV) $ 73.49
theta-token
Theta Network (THETA) $ 1.41
bitget-token
Bitget Token (BGB) $ 0.990843
starknet
Starknet (STRK) $ 1.87
mina-protocol
Mina Protocol (MINA) $ 1.25
ordinals
ORDI (ORDI) $ 62.40
havven
Synthetix Network (SNX) $ 3.99
true-usd
TrueUSD (TUSD) $ 0.97255
tokenize-xchange
Tokenize Xchange (TKX) $ 15.46
helium
Helium (HNT) $ 8.25
chiliz
Chiliz (CHZ) $ 0.132896
the-sandbox
The Sandbox (SAND) $ 0.526004
apecoin
ApeCoin (APE) $ 1.96
fantom
Fantom (FTM) $ 0.415819
axie-infinity
Axie Infinity (AXS) $ 8.24
gala
GALA (GALA) $ 0.032752
worldcoin-wld
Worldcoin (WLD) $ 8.24
fetch-ai
Fetch.ai (FET) $ 1.06
blur
Blur (BLUR) $ 0.725718
dydx
dYdX (ETHDYDX) $ 3.42
whitebit
WhiteBIT Coin (WBT) $ 7.13
kucoin-shares
KuCoin (KCS) $ 10.58
bittorrent
BitTorrent (BTT) $ 0.000001
arweave
Arweave (AR) $ 15.24
cheelee
Cheelee (CHEEL) $ 18.49
tezos
Tezos (XTZ) $ 1.10
osmosis
Osmosis (OSMO) $ 1.57
decentraland
Decentraland (MANA) $ 0.522258
sats-ordinals
SATS (Ordinals) (SATS) $ 0.00000045972317
frax-ether
Frax Ether (FRXETH) $ 3,047.69
woo-network
WOO (WOO) $ 0.498129
conflux-token
Conflux (CFX) $ 0.241287
akash-network
Akash Network (AKT) $ 3.95
singularitynet
SingularityNET (AGIX) $ 0.712423
ronin
Ronin (RON) $ 3.02
dymension
Dymension (DYM) $ 6.16
eos
EOS (EOS) $ 0.785224
astar
Astar (ASTR) $ 0.159349