Following the network difficulty change six days ago on September 27, Bitcoin’s hashrate surpassed the 295 exahash per second (EH/s) range two times during the first two days of October. Presently the network is coasting along at 229 EH/s and block intervals have been faster than the ten-minute average, which means another upward difficulty adjustment is likely in the cards. With Bitcoin’s mining difficulty looking as though it will reach another all-time high (ATH), the network’s hashrate has increased exponentially from six million hashes per second to the recent two hundred ninety-five quintillion hashes per second.
Bitcoin’s computational power is a whole lot stronger than it was 13 years ago. The network’s mining difficulty reached an all-time high just recently on September 13, 2022, at block height 753,984.
The height the mining difficulty reached was approximately 32.05 trillion hashes and it’s a high probability that the network will see an upward adjustment on or around October 11, 2022. Statistics show that the difficulty retarget could be anywhere from 4.22% higher to 10.7%.
Despite the lower bitcoin (BTC) U.S. dollar exchange rate and a difficulty that’s close to the ATH, miners have continued to increase their hashpower. In fact, there is no computational network today, that has exponentially risen at the pace the Bitcoin Network’s hashrate has increased during the last decade.
On January 19, 2009, Bitcoin’s hashrate was approximately six million hashes per second (6,290,000) and using the recent 295 EH/s recording, it equates to two hundred ninety-five quintillion hashes per second (295,000,000,000,000,000,000). Those two data points indicate that the network’s hashrate has grown four quadrillion percent higher in 13 years’ time.
Current block times have been less than the ten-minute average at 9:01 minutes at the time of writing. On October 1, 2022, the block interval was even faster at 7:95 minutes in between blocks. Difficulty adjustments are a lot more common every two weeks than they were in the early days (pre-2010).
It wasn’t until February 2, 2010, or block height 40,320 that the difficulty rose above 1 hash and by September 18, 2017, at block height 485,856 Bitcoin’s network difficulty rose above 1 trillion hashes for the first time.
Just like the hashrate, Bitcoin’s mining difficulty has risen exponentially as well, increasing three quadrillion percent since February 2, 2010, or during the course of the last 4,626 days. At the time of writing, more than 756,888 bitcoin blocks have been mined into existence and 1,831,949.98 BTC remains left to mine.
What do you think about the Bitcoin network’s exponential hashrate growth and the difficulty adjustments in recent times? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments
Russia’s recently revised bill “On Digital Currency” limits crypto purchases for non-qualified investors while providing legal ground for some cryptocurrency payments, according to local media. The draft law, proposed by the Russian finance ministry, also introduces strict requirements for platforms ... read more.
Following the network difficulty change six days ago on September 27, Bitcoin’s hashrate surpassed the 295 exahash per second (EH/s) range two times during the first two days of October. Presently the network is coasting along at 229 EH/s and block intervals have been faster than the ten-minute average, which means another upward difficulty adjustment is likely in the cards. With Bitcoin’s mining difficulty looking as though it will reach another all-time high (ATH), the network’s hashrate has increased exponentially from six million hashes per second to the recent two hundred ninety-five quintillion hashes per second.
Bitcoin’s computational power is a whole lot stronger than it was 13 years ago. The network’s mining difficulty reached an all-time high just recently on September 13, 2022, at block height 753,984.
The height the mining difficulty reached was approximately 32.05 trillion hashes and it’s a high probability that the network will see an upward adjustment on or around October 11, 2022. Statistics show that the difficulty retarget could be anywhere from 4.22% higher to 10.7%.
Despite the lower bitcoin (BTC) U.S. dollar exchange rate and a difficulty that’s close to the ATH, miners have continued to increase their hashpower. In fact, there is no computational network today, that has exponentially risen at the pace the Bitcoin Network’s hashrate has increased during the last decade.
On January 19, 2009, Bitcoin’s hashrate was approximately six million hashes per second (6,290,000) and using the recent 295 EH/s recording, it equates to two hundred ninety-five quintillion hashes per second (295,000,000,000,000,000,000). Those two data points indicate that the network’s hashrate has grown four quadrillion percent higher in 13 years’ time.
Current block times have been less than the ten-minute average at 9:01 minutes at the time of writing. On October 1, 2022, the block interval was even faster at 7:95 minutes in between blocks. Difficulty adjustments are a lot more common every two weeks than they were in the early days (pre-2010).
It wasn’t until February 2, 2010, or block height 40,320 that the difficulty rose above 1 hash and by September 18, 2017, at block height 485,856 Bitcoin’s network difficulty rose above 1 trillion hashes for the first time.
Just like the hashrate, Bitcoin’s mining difficulty has risen exponentially as well, increasing three quadrillion percent since February 2, 2010, or during the course of the last 4,626 days. At the time of writing, more than 756,888 bitcoin blocks have been mined into existence and 1,831,949.98 BTC remains left to mine.
What do you think about the Bitcoin network’s exponential hashrate growth and the difficulty adjustments in recent times? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments
Russia’s recently revised bill “On Digital Currency” limits crypto purchases for non-qualified investors while providing legal ground for some cryptocurrency payments, according to local media. The draft law, proposed by the Russian finance ministry, also introduces strict requirements for platforms ... read more.
Uniswap was back in the green on Monday, as the token rebounded from two days of consecutive declines. The move saw prices climb towards a resistance level of $6.70, which has been in place since late August. Maker was also in the green, climbing by nearly 5% in today’s session.
Uniswap (UNI) was a notable mover on Monday, as the token rebounded following a string of back-to-back declines.
Following a bottom of $6.21 on Sunday, UNI/USD surged to an intraday peak of $6.53 earlier in today’s session.
The move saw uniswap move close to a key resistance point of $6.70, which has been in place since August 25.
Looking at the chart, UNI is also nearing a ceiling on the 14-day relative strength index (RSI), which could prevent prices from gaining further momentum.
As of writing, the index is tracking at 55.81, which is marginally below the aforementioned ceiling of 57.00.
An upwards cross between the 10-day (red) moving average and its 25-day (blue) counterpart has also occurred, which could be a sign of even more gains to come.
In addition to uniswap, maker (MKR) also moved higher to start the week, moving away from recent losses in the process.
MKR/USD hit a high of $793.44 earlier in the day, which is over 5% higher than yesterday’s low of $752.01.
The token rose for a second consecutive day and is now nearing a resistance point of $800 following today’s surge.
As of writing, MKR is now trading at its highest point since August 30, with the RSI also tracking at a multi-month high.
The index is currently tracking above a ceiling of 60.75, which seems to have been the trigger of today’s rally.
Like UNI, there has also been an upwards cross with MKR’s moving averages, which may be another positive sign for future gains.
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Could we see maker back above $800 this week? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Uniswap was back in the green on Monday, as the token rebounded from two days of consecutive declines. The move saw prices climb towards a resistance level of $6.70, which has been in place since late August. Maker was also in the green, climbing by nearly 5% in today’s session.
Uniswap (UNI) was a notable mover on Monday, as the token rebounded following a string of back-to-back declines.
Following a bottom of $6.21 on Sunday, UNI/USD surged to an intraday peak of $6.53 earlier in today’s session.
The move saw uniswap move close to a key resistance point of $6.70, which has been in place since August 25.
Looking at the chart, UNI is also nearing a ceiling on the 14-day relative strength index (RSI), which could prevent prices from gaining further momentum.
As of writing, the index is tracking at 55.81, which is marginally below the aforementioned ceiling of 57.00.
An upwards cross between the 10-day (red) moving average and its 25-day (blue) counterpart has also occurred, which could be a sign of even more gains to come.
In addition to uniswap, maker (MKR) also moved higher to start the week, moving away from recent losses in the process.
MKR/USD hit a high of $793.44 earlier in the day, which is over 5% higher than yesterday’s low of $752.01.
The token rose for a second consecutive day and is now nearing a resistance point of $800 following today’s surge.
As of writing, MKR is now trading at its highest point since August 30, with the RSI also tracking at a multi-month high.
The index is currently tracking above a ceiling of 60.75, which seems to have been the trigger of today’s rally.
Like UNI, there has also been an upwards cross with MKR’s moving averages, which may be another positive sign for future gains.
Register your email here to get weekly price analysis updates sent to your inbox:
Could we see maker back above $800 this week? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
PRESS RELEASE. SINGAPORE, Oct. 3rd, 2022 – Global crypto exchange, LBank, joined Token 2049 in Singapore as sponsor and exhibitor. LBank was welcomed with open arms at the Token 2049 venue and continued to host a successful after-party. As one of the rise-and-coming major crypto hubs, Singapore hosted a diverse crowd of crypto lovers and gave LBank the great chance of meeting many users and fans in person.
With over 7000 attendees and 2000 companies represented, TOKEN 2049 is currently the biggest event in crypto. The event also coincides with the Formula 1 Singapore Grand Prix, making Singapore the most exciting place to be at the moment. LBank’s team was very glad for this opportunity to connect with our Asia-based users and partners.
LBank had the honor of exhibiting at Token 2049 and meeting many projects, partners, and media representatives at the event. “It was good to see everyone face to face, as most of the time we communicate online. We are really looking forward to working with LBank soon” a partner said.
On September 29th, LBank hosted a successful “LBank & Friends” Afterparty for people to have a chance to socialize after the main conference. The event, which was co-hosted by Encryptus and MetaBell, saw a diverse gathering of friends from all corners of the industry, with more than 300 people attending.
LBank’s exhibition at TOKEN 2049 came alongside LBank’s current brand upgrade, including airdrops and other events. This was the first time LBank used its new logo and brand material in an offline conference. “Token 2049 is the best opportunity to show our new logo and share our future plans. One can’t ask for a more friendly, energetic space than this” said a representative from LBank.
About LBank
LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 7 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute to the global adoption of cryptocurrencies.
Start Trading Now: lbank.com
Community & Social Media:
l Telegram
l Twitter
l Facebook
l LinkedIn
l Instagram
l YouTube
Contact Details:
LBK Blockchain Co. Limited
LBank Exchange
marketing@lbank.info
business@lbank.info
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
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SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale
Grayscale Investments' CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is 'a Matter of When and Not ... read more.
PRESS RELEASE. SINGAPORE, Oct. 3rd, 2022 – Global crypto exchange, LBank, joined Token 2049 in Singapore as sponsor and exhibitor. LBank was welcomed with open arms at the Token 2049 venue and continued to host a successful after-party. As one of the rise-and-coming major crypto hubs, Singapore hosted a diverse crowd of crypto lovers and gave LBank the great chance of meeting many users and fans in person.
With over 7000 attendees and 2000 companies represented, TOKEN 2049 is currently the biggest event in crypto. The event also coincides with the Formula 1 Singapore Grand Prix, making Singapore the most exciting place to be at the moment. LBank’s team was very glad for this opportunity to connect with our Asia-based users and partners.
LBank had the honor of exhibiting at Token 2049 and meeting many projects, partners, and media representatives at the event. “It was good to see everyone face to face, as most of the time we communicate online. We are really looking forward to working with LBank soon” a partner said.
On September 29th, LBank hosted a successful “LBank & Friends” Afterparty for people to have a chance to socialize after the main conference. The event, which was co-hosted by Encryptus and MetaBell, saw a diverse gathering of friends from all corners of the industry, with more than 300 people attending.
LBank’s exhibition at TOKEN 2049 came alongside LBank’s current brand upgrade, including airdrops and other events. This was the first time LBank used its new logo and brand material in an offline conference. “Token 2049 is the best opportunity to show our new logo and share our future plans. One can’t ask for a more friendly, energetic space than this” said a representative from LBank.
About LBank
LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 7 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute to the global adoption of cryptocurrencies.
Start Trading Now: lbank.com
Community & Social Media:
l Telegram
l Twitter
l Facebook
l LinkedIn
l Instagram
l YouTube
Contact Details:
LBK Blockchain Co. Limited
LBank Exchange
marketing@lbank.info
business@lbank.info
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale
Grayscale Investments' CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is 'a Matter of When and Not ... read more.
PRESS RELEASE. Today, social media is controlled by a handful of private corporations. However, that could soon change as blockchains like DeSo begin to onboard millions of Ethereum users from DeFi apps into social apps.
As one of the industry’s first illustrations of this, a USDC integration with the DeSo blockchain, backed by Coinbase, Sequoia, Andreessen Horowitz, and others, effectively gives any Ethereum user access to a full-fledged decentralized social network.
The integration will allow millions of existing MetaMask and Ethereum users to onboard onto decentralized social apps with USDC and message one another using gas-less end-to-end encrypted on-chain messages powered by DeSo. But that’s not all– these Ethereum users also gain access to gas-less profile creation, gas-less posting, gas-less following of other users, with a fully-decentralized on-chain follow graph, and much more.
The onboarding process is simple: Users can deposit USDC from MetaMask onto DeSo apps and receive a DeSo-native stablecoin called DesoDollar. Once onboarded with USDC, all stablecoin transactions become virtually gas-less, costing less than one ten-thousandth of a cent.
This financial bridge from Ethereum to DeSo will also allow developers to build web3 social apps for the first time. “Existing blockchains cannot store content efficiently,” says Nader Al-Naji, the founder of DeSo. “It costs about $50 to store a 200-character Tweet on Ethereum and about fifteen cents to store it on Solana, Avalanche, or Polygon. In contrast, DeSo is one ten-thousandth of a cent, making it the first blockchain capable of disrupting storage-heavy applications like social,” he says.
Although DeSo currently only supports USDC via Ethereum, the company also plans to integrate with other stablecoin ecosystems like Solana in the future as well. “It’s not our goal to be tied to a single chain,” says Al-Naji. “DeSo is a cross-chain solution that allows people to connect no matter what ecosystem they’re a part of. DeSo is the unified social layer for all of web3,” he says.
This is the latest in a recent string of successes for DeSo. The platform listed on Coinbase earlier this year announced a groundbreaking MetaMask integration last week that caused a significant price surge. Many upcoming social apps like Diamond, a web3 social network built on DeSo, have launched and are snowballing with a recent surge in user numbers.
In a world where many are dissatisfied with traditional social media, USDC and DeSo offer a decentralized solution that can finally compete with web2 juggernauts. “DeSo is the first and only blockchain that allows developers to build social apps where you can’t even tell you’re on a blockchain,” says Al-Naji. “That means, for the first time, we have a shot at finally expanding web3 from disrupting finance to disrupting the trillion-dollar social media industry.”
About DeSo
DeSo is a new layer-1 blockchain built from the ground up to decentralize social media and scale storage-heavy applications to billions of users. They raised $200 million and are backed by Sequoia, Andreessen Horowitz, among others.
$DESO, the native currency of the DeSo blockchain, is listed on Coinbase.
For more information about DeSo and username claiming, visit deso.com.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
Source From : News