Bitcoin Mining Difficulty Surges To All-Time High
According to statistics from btc.com, the current difficulty adjustment is in, and it now takes 35.6 trillion hashes to generate one Bitcoin (BTC), up a stunning 13.55% from the previous estimate.
Following the September 27 difficulty drop, the network’s mining difficulty jumped 13.55% higher at block height 758,016 with the biggest difficulty spike observed this year.
Every 2,016 blocks, the Bitcoin code includes a so-called difficulty adjustment (about every two weeks). The quantity and direction of the adjustment are determined by the overall processing power used in Bitcoin mining, and its goal is to keep block confirmations occurring every 10 minutes.
When blocks are mined quicker than normal, the network’s difficulty adjustment retargets with increased difficulty after 2,016 blocks. If blocks are discovered too slowly over the 2,016-block period, the difficulty will decrease.
According to blockchain.com, the current network hash rate is 257 million tera hashes per second (TH/s), a huge increase over this time last year when it was about 140 million TH/s.
Rising difficulty offers an even bleaker picture for Bitcoin miners, who are already under pressure from falling Bitcoin prices and rising energy costs.
To cite two recent examples, London-based miner Argo Blockchain was obliged to raise $27 million last week to alleviate liquidity concerns, while mining data center provider Compute North declared bankruptcy.
At the time of writing, BTC is trading at $19,267.
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