Bitcoin Mining Gets Tougher as Network Difficulty Reaches New Peak

On May 18, 2023, astatine artifact tallness 790,272, Bitcoin’s trouble reached an all-time precocious aft rising 3.22% connected Thursday. The network’s trouble is present astatine an awesome 49.55 trillion, oregon 0.90% distant from 50 trillion hashes, making it the astir hard it has ever been to observe a artifact reward.

Bitcoin’s Difficulty Rises to Uncharted Territory, Straining Miners

This year, Bitcoin erstwhile again broke a grounds arsenic the network’s trouble jumped by 3.22%, rising to an unprecedented tallness of 49.55 trillion. The network’s trouble is simply a measurement of however hard it is to find a hash worth that meets the required criteria for a caller artifact to beryllium added to the Bitcoin blockchain. Notably, the caller emergence successful trouble followed a 1.45% driblet astatine artifact tallness 788,256, wherever the chain’s trouble remained astatine 48.01 trillion for astir 2 weeks.

​​Bitcoin miners are presently dedicating 363.84 exahash per 2nd (EH/s) toward the Bitcoin blockchain. The latest summation of 3.22% happened astatine artifact tallness 790,272, and the adjacent trouble alteration should hap connected oregon astir May 31, 2023. Recent statistic amusement that artifact intervals are moving a spot longer than the accustomed ten-minute average. At 7:30 p.m. Eastern Time connected May 18, the intervals ranged from 10 minutes and 12 seconds to 10 minutes and 33 seconds.

In the past 72 hours, the starring bitcoin mining excavation has been Foundry USA, with a hashrate of astir 109.04 EH/s. This accounts for 30.02% of the Bitcoin network’s full hashrate during that timeframe. Foundry is followed by Antpool’s 77.77 EH/s, F2pool’s 54.52 EH/s, and Viabtc’s 40.89 EH/s. Binance Pool, the 5th largest by hashrate, has astir 27.26 EH/s of hashrate today.

Despite the expanding difficulty, Bitcoin miners person maintained a precocious hashrate by investing greater computational powerfulness into the network. While BTC prices are beneath the $27,000 range, they are importantly higher than the worth of $16,500 that BTC traded for connected December 31, 2022. Furthermore, successful summation to the all-time precocious (ATH) trouble connected May 18, the network’s hashrate reached an ATH connected May 2 erstwhile it reached 491.15 exahash per 2nd (EH/s) astatine artifact tallness 787,895.

What are your thoughts connected Bitcoin’s rising trouble and its interaction connected miners? Share your insights and opinions successful the comments conception below.