Bitcoin Miners Brace for Increased Challenge as Network Difficulty Hits New High of 57.32 Trillion
On October 3, 2023, at block height 810,432, the Bitcoin network experienced its second consecutive difficulty increase since September 19. The challenge of uncovering block rewards escalated as the difficulty reached a new pinnacle, rising by 0.35% to 57.32 trillion on Tuesday.
Bitcoin Network Difficulty Peaks at 57.32 Trillion
For the subsequent fortnight, Bitcoin miners confront a heightened level of difficulty following Tuesday’s 0.35% rise at block height 810,432. The metric climbed from 57.11 trillion to its present value of 57.32 trillion.
Bitcoin network difficulty on October 3, 2023.
A difficulty rating of 57.32 trillion implies an elevated degree of effort needed to generate new blocks on the network. The difficulty undergoes adjustments every 2,016 blocks or approximately every two weeks.
If a greater number of miners enter the network and contribute computing power, leading to the mining of 2,016 blocks in less than two weeks, the difficulty will rise. Conversely, should miners exit the network and the same number of blocks take longer than two weeks to mine, the difficulty will decrease.
Bitcoin network hashrate on October 3, 2023.
The most recent adjustment (+0.35%) was an increase, as was the change (+5.48%) that transpired on September 19. A difficulty level of 57.32 trillion creates a significant obstacle for miners seeking to discover blocks.
Miners must create a hash from the block’s data when attempting to mine new blocks. Utilizing the SHA256 hash function, a hash is generated as a fixed-length string of numbers and letters based on input data. Miners strive to find a hash lower than the current target value determined by the network’s degree of difficulty.
Bitcoin.com News reported four days ago that despite this escalated difficulty height, bitcoin miners have not been discouraged, and the hashrate remains above the 400 exahash per second (EH/s) range. As of October 3rd, Bitcoin’s seven-day simple moving average (SMA) for hashpower is 412 EH/s, following the increase in difficulty.
Although the difficulty is considerable, a modest 0.35% uptick may not deter miners over the next two weeks, and another increase could be on the horizon. The next change is anticipated to occur on or around October 17, 2023.
What do you think about the difficulty rising for bitcoin miners? Share your thoughts and opinions about this subject in the comments section below.
