Bitcoin Difficulty Set to Rise 3.82% to All-Time High of 39 Trillion Following Recent Increase – Mining Bitcoin News
, 2023-01-27 09:00:24,
The Bitcoin network is set to record another meaningful difficulty increase on Sunday, Jan. 29, 2023, as current estimates expect it to rise 3.82% higher. The change follows the last difficulty retarget, which advanced by 10.26% to the current all-time high of 37.59 trillion.
Block Time Breakdown: How Faster Discovery is Impacting Bitcoin Difficulty
In just over a day, the Bitcoin network will see a difficulty increase of around 3.82%, according to current estimates. Right now, the mining difficulty is already at an all-time high (ATH) at 37.59 trillion, and with a 3.82% jump, it’s expected to be around 39.03 trillion. The number of hashes needed to mine a block is directly proportional to the difficulty level, which means each participating miner needs to perform 39.03 trillion hashes in order to mine a block at that level.
The average Bitcoin block time has been around 8:54 minutes to 9:31 minutes, which has been lower than the 10-minute average. This too is linearly related to the estimated increase expected on Jan. 29.
This is because when blocks are discovered faster than the 10-minute average, the 2,016 blocks in between difficulty retargets are also found faster than the two-week average. As a result, the Bitcoin protocol’s mining…
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