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Two days earlier, on June 8, it was expected that bitcoin mining difficulty would decrease; instead, on Wednesday, difficulty increased 1.29%. That same day, with a block height of 739,928, the bitcoin hash rate reached an all-time high (ATH) of 292.02 exahashes per second (EH/s).
Bitcoin’s blockchain is protected by nearly 3+ billion hashes per second
This week, the Bitcoin network is more powerful than ever as the protocol’s computational throughput hit a lifetime high on Wednesday. In fact, at 292.02 EH/s, the network approached 300 EH/s territory for the first time.
The last hash rate ATH took place on May 2, 2022 with a bitcoin block height of 734,577, reaching 275.01 EH/s. The jump to 292.02 EH/s 37 days later is about 6.18% higher than the May 2 ATH. Wednesday’s ATH was 2.73% away from reaching the 300 EH/s or 0.3 zeta Hash/s (ZH/s) range.
The Difficulty Adjustment Algorithm (DAA), which was expected to decrease due to soaring hash rates, instead increased by 1.29%; three days earlier, on June 7, the difficulty was expected to decrease by 0.51%.
Despite the 1.29% increase, the difficulty level remains lower than ATH’s 31.25 trillion recorded on May 10, 2022. The network’s difficulty level is currently at 30.28 trillion and is expected to remain at this index through the June 21 re-target date. That is approximately 10 days from now, or roughly 1,600 blocks away from the next DAA change.
At 292 exahashes per second, 29.9 billion hashes per second (H/s) were dedicated to the security of the bitcoin blockchain on Wednesday.Three-day statistics show that Foundry USA was the top mining pool, indicating that it was.
Foundry has found rewards for 109 bitcoin blocks out of 475 blocks mined in the past 72 hours Antpool hash rate of 35.11 EH/s or 35,000,000,000 hovering around 1,100,000,000 H/s. Antpool has discovered 73 of 475 blocks, while F2pool has earned 32.EH/s and discovered 67 blocks in the past 3 days.
The current hash rate speed and the speed at which the next 1,600 blocks will be mined will determine the next difficulty change. Currently, using today’s metrics, the difficulty is expected to increase by 1.52% from its current position, but that estimate is subject to change.
Image credits: Shutterstock, Pixabay, Wiki Commons
