Bitcoin mining difficulty jumped 9.26% higher Wednesday, marking the second highest difficulty increase in 2022. The latest rise is Bitcoin’s third difficulty increase since August 4, 2022, making it 11.63% harder to find Bitcoin block rewards.
Bitcoin difficulty rises 9.26% – metric prints second largest rise this year
Bitcoin (BTC) experienced its third increase in difficulty this month with aincrease in difficulty, up 9.26% on August 31, with the metric printing its second largest rise of the year
. The difficulty change took place at block height 751,968, making the 9.26% jump the second largest of the year; the largest increase in 2022 took place 223 days ago, on January 20, at block height 719,712.
The difficulty level is currentlyat $30.98 trillionand is only 0.27 below the all-time high (ATH) of 31.25 trillion for the May 10, 2022 network difficulty level. With Bitcoin’s U.S. dollar value declining and difficulty increasing by 9.26%, miners have taken a hit. In fact, the last three difficulty increases have made it 11.63% harder to find bitcoin block rewards prior to August 4
On August 4, with a block high of 747,936, bitcoin mining difficulty rose 1.74%, and two weeks later, it rose again by 0.63%.Five days ago, Bitcoin.com Newsreported that the community was discussing the possibility of seeing a marked increase in difficulty. On August 25, Blocksbridge Consulting tweetedthat they expect a “noticeable jump in difficulty.”
Additionally, during the same week, Bitcoin’s hash rate jumped to 282.21 exahashes per second (EH/s). This hash rate was roughly 3.35% lower than the all-time high (ATH) set on June 8, 2022 with a block height of 739,928. At the time of this writing, the bitcoin hash rate continues to coast at 236.33 EH/s.
The increase in difficulty and lowBTCvalues have not yet affected the miners as the hash rate continues to run at high speeds. Difficulty increases when the block reward of 2,016 bitcoins is “too fast” and the metric decreases when the block discovery time or interval is “too slow.”
Further increases are expected based on average block intervals and current hash rate speeds
Approximately every 10 minutes, by Satoshi Nakamoto’s design, a newBTCblock is found; BTCblocks are found because the DAA system is modeled by aPoisson distribution scheme. It is modeled by the Poisson distribution scheme. The average block interval at the time of writing means that if the reward for the next 2,016 bitcoin blocks is found “too early,” the next difficulty is estimated to increase again.
There are approximately 1,964
BTCblock rewards remaining until the next difficulty shift, which is estimated to take place on September 12, 2022. If the rise is higher on that date, it is very likely that the network difficulty will exceed the ATH recorded 113 days ago on May 10, 2022.
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