Bitcoin Hashrate Soars 44%, Mining Difficulty Likely To Increase 10%

The Bitcoin hashrate currently stands at 282.21 exahashes per second (EH/s) at the moment, just 3.35% below the all-time high (ATH) recorded at block height 739,928 on June 8, 2022. It has increased a lot even though the price has dropped by 9% in the past two weeks and the mining difficulty has increased twice since August 4, 2022.

The crypto community has noticed an increase in speed as the block interval rate (time measured between each block is mined) increases. On Thursday (August 25), Blocksbridge Consulting tweeted about the block interval, and a large increase in difficulty is expected in the next correction.

Furthermore, statistics from Clarkmoody show that the block interval has dropped to 9:12 minutes at the time of writing. With current data, the next difficulty adjustment date is expected to occur on August 31, 2022, with a possible increase of 10.3%. An increase of 10% or more will make it much more difficult for miners to discover block rewards.

Not all difficulty and hashrate statistics are the same, and since it’s harder to measure in real-time, estimates via BTC.com’s difficulty page show a 4.43% increase in difficulty over four days. Whether it’s 4% or 10%, they’re significantly larger than the two most recent difficulty increases since August 4.

Given the current hashrate, the possibility of an increase is certain. Data shows that since August 25, Bitcoin’s hashrate has increased by 44% in 24 hours. This increases the likelihood of the Bitcoin hashrate recording a new ATH in the near future.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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