Bitcoin Network’s mining difficulty is set to see its biggest increase in over 2 months – Mining Bitcoin News
Bitcoin’s hashrate has steadily increased after falling to 69 exahashes per second (EH / s) on June 28 and peaking at 117 EH / s on Tuesday morning (EDT). The increase in hash power is likely to result in the highest difficulty expansion in 89 days, as estimates currently show a 7.39% increase in two days.
Bitcoin Block Rewards are expected to be more than 7% harder to find in 2 days
Bitcoin’s mining difficulty is expected to climb to over 7.3% in just over two days as the overall hash rate of the crypto asset has improved greatly. Since June 28, Bitcoin’s hashrate has increased 69.56% and has risen higher after the surge in market prices.
Bitcoin hashrate over a 1-year zoom on August 10, 2021.
Bitcoin’s hashrate peaked at 130 EH / s on July 15 and stayed just below that zone for the past 25 days, and every now and then it has tried to outperform the metric. Bitcoin’s mining difficulty makes it difficult for miners to find blocks, and in the last epoch it has increased by more than 6%. However, the biggest increase since then was on May 13, 2021 when the difficulty increased by 21.53% that day.
At the time of writing and current hashrate speed, the mining difficulty is expected to increase by more than 7%.
The next difficulty change shows an estimate of about 7.39% and could go higher if the hashrate continues to increase. This means the difficulty level will be almost 13.39% higher in two days over the past month. At the time of writing, BTC’s mining difficulty is around 14.50 trillion and is expected to be around 15.57 trillion after the next difficulty change.
Aside from the May 13 change, the difficulty adjustment will be the biggest change since January 9, 2021. While the difficulty makes BTC blocks difficult to find, it can go up or down depending on how much hashrate is dedicated to the blockchain.
Antpool is still at the top, Bitcoin’s annual inflation rate is 1.76%, Bitcoin’s halving is 1,006 days away
As of Monday, Antpool is the largest BTC miner, capturing 17.71% of the total hashrate. Antpool has over 20 EH / s dedicated to the Bitcoin (BTC) blockchain, followed by Poolin’s 15.12 EH / s hash power. With more than 15 exahashes, Poolin has over 13% of the network hash power today, while Viabtc ranks third.
3-day BTC mining pool hash rate distribution on August 10, 2021.
Viabtc’s 11.46% of network hashrate comes from the 12.9 EH / s hash power it applies to the chain. Fourth place is occupied by F2pool (10.83%), the fifth largest miner is Foundry USA (9.79%). Unknown hash or stealth miners still have a large amount of global hash power with 9.17% of hash power today, or 10.9 EH / s.
From August 10, 2021, there will be approximately 1,006 days until the next block reward halving, and it is likely that the miners will try to mine with as much hash power as possible by then. In this case, the block reward will shrink from 6.25 BTC to 3.125 coins per block after halving.
Give or take the hashrate speed, roughly 144 blocks are found every day and the BTC inflation rate is only 1.76% per year. At the time of writing, the next Difficulty New Target will be 386 BTC blocks away, and given the current network speed and market prices, it appears that miners are facing a series of successive increases in difficulty.
What do you think of the impending difficulty increase and the fact that Bitcoin’s hashrate has recovered from its losses in late June? Let us know what you think on this matter in the comments below.
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Antpool, Block Rewards, BTC Blocks, BTC Mining, Crypto, Crypto Mining, Difficulty, Difficulty Increase, Hashrate, Increase, Inflation Per Year, Mining, Bitcoin Mining, Mining Difficulty, Mining Pools, Pools
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