The Bitcoin blockchain is geared up for a significant difficulty adjustment in three days. January 15, 2023 Estimated figures project an increase of 10%, taking the difficulty level from 34.09 trillion up to an all-time high of 37.57 trillion.
Upcoming Difficulty Retarget Set to Increase Requisite Hashrate
The leading cryptocurrency network Bitcoin (BTC) is scheduled to experience a record-breaking difficulty increase in three days. January 15, 2023. The network’s hash rate is currently estimated to be 268.79 exahash/second (EH/s). The computational power of the blockchain reached a peak of 361.20 EH/s at block 770,709 on January 6, 2023.
Bitcoin blocks (also known as block intervals) can range from 8 minutes, 52 sec to 9 minutes, 6 sec. The block interval is the average time it takes to add a block to the blockchain. Due to the difficulty of the network, the block time should be kept to less than 10 minutes.
The time between blocks can vary from the average, and may differ from the difficulty level. January 2, 2023 at block height 770.112, block intervals were faster. This is why the difficulty retargeting on January 15 will signify a significant increase, a surge not seen since October 2022.
Foundry USA and Antpool Control almost Half of Global Bitcoin Hashrate
At the time of writing, the difficulty level for the BTC network is around 34.09 trillion. It takes an average of 34 trillion hashes to locate a valid BTC block, or attempt, to add it to the Blockchain. According to analytics sites, a difficulty change can be expected on January 15, with an increase of between 10.1% to 10.21%. The highest figure would be 37.57 trillion, meaning miners would need to spend 37.57 trillion hashes to find a block on the Bitcoin blockchain.
Currently, Foundry USA is the most active mining country for the past three days with 29.57% of the global hashrate. Followed by Antpool (19.36%), F2pool (16.38%), Binance Pool (8.72%), Viabtc 8.30%) and Braiins Pool (3.40%), respectively. Together, Foundry and Antpool hold 48.93% of the total network hashrate.
What are your thoughts about the upcoming Bitcoin mining difficulty adjustment? Please leave your predictions and opinions in the comments section below.
