Bitcoin Mining Landscape: Record High Network Difficulty Poses Challenges for Miners
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Bitcoin’s difficulty level reached a record high on May 18, 2023. This difficulty level determines how hard it is for miners to find new blocks and receive rewards. Notably, the difficulty rose by more than 3% on Thursday, reaching an impressive 49.55 trillion. This means that mining Bitcoin has become even more challenging, with the difficulty nearing the 50 trillion mark.
Bitcoin Mining Gets Tougher as Network Difficulty Reaches New Peak
— Alice Tarmo (@AliceTarmo) May 19, 2023
However, the surge in difficulty was seen as a positive sign, indicating that the Bitcoin network is becoming more secure and resilient. Thus, this situation shows that more miners are actively participating and dedicating their computing power to validate transactions, ensuring the decentralized and trustworthy nature of the blockchain.
Bitcoin Difficulty Reaches Record High: Reflecting Network Strength and Security
As we previously stated, Bitcoin achieved another milestone this year by reaching a new record in its difficulty level. However, the difficulty jumped by almost 3.22%, soaring to an unprecedented height of 49.55 trillion. Hence, the difficulty measures how challenging it is to find the right hash value for adding a new block to the Bitcoin blockchain. Interestingly, this increase came after a 1.45% decrease in difficulty.
Bitcoin mining difficulty has reached another all-time high
Bitcoin mining difficulty has increased by 3.22% to 49.55 T, reaching another all-time high.
The current network hash rate stands at 354.55 EH/s. pic.twitter.com/UjlgNbX1gK
— JIYA.WETH (@JiyaWETH) May 21, 2023
Ultimately, the difficulty does not directly impact the BTC price, it signifies the network’s strength and security. It also shows that more miners are actively participating in the network, contributing their computing power to validate transactions and maintain the decentralized nature of Bitcoin.
Bitcoin Network: High Mining Difficulty and Leading Mining Pools
It is worth mentioning that Bitcoin miners are currently contributing a massive 363.84 exahashes per second (EH/s) to the Bitcoin blockchain. Nevertheless, the recent 3.22% increase in difficulty occurred at block height 790,272, and the next change is expected around May 31, 2023. As per the recent data, the block intervals are slightly longer than the usual ten-minute average, ranging from 10 minutes and 12 seconds to 10 minutes and 33 seconds.
Foundry USA, which focuses on empowering decentralized infrastructure, has led the way as the top Bitcoin mining pool, contributing around 109.04 exahashes per second (EH/s). This accounts for approximately 30.02% of the total mining power in the Bitcoin network during that time. Antpool follows with 77.77 EH/s, F2pool with 54.52 EH/s, and Viabtc with 40.89 EH/s. Binance Pool, ranked fifth, has approximately 27.26 EH/s. These mining pools play a crucial role in securing the Bitcoin network by contributing their computing power to validate transactions and maintain the integrity of the blockchain.
Bitcoin Miners Maintain High Hashrate Despite Increasing Difficulty
Bitcoin miners have shown continued commitment to the network, ramping up their computing power even as the difficulty increases. Although BTC prices are currently below $27,000, they remain considerably higher than the $16,500 value seen at the end of 2022.
Notably, the network’s hashrate reached an all-time high on May 2, reaching an impressive 491.15 exahashes per second (EH/s). This remarkable achievement reflects the continued interest and belief in Bitcoin mining, a clear indication of confidence in the long-term prospects of this digital asset.